The Nigerian Education Loan Fund (NELFUND) has disbursed ₦86 billion to support 449,000 students from the 735,000 applications it has received so far under its student loan scheme.
NELFUND Managing Director, Akintunde Sawyerr, speaking on Channels Television’s Sunrise Daily on Friday, outlined the scale and rapid growth of the programme.
“As of this morning, 742,000 students have registered on our portal and been approved as potential applicants. Of that figure, 735,000 have completed the process and submitted formal applications.
“The number of students who have benefited—those whose tuition has been paid, or whose tuition and stipends have been paid in instalments—now stands at 449,000. Applications are increasing by around 3,000 to 3,500 daily.
“So far, we have paid ₦47 billion to 218 federal and state-owned tertiary institutions, including universities, polytechnics, and colleges of education, and disbursed ₦38 billion as stipends. In total, ₦86 billion has been released,” Sawyerr explained.
He stated that processing time for loans ranges between 30 and 45 days, provided applicants meet all requirements.
“We are not tied to a fixed payment deadline; we follow a robust, fully auditable, and accountable process. Once we process an application, we send it to the applicant’s institution for verification—confirming identity, course of study, and tuition fees. Only after receiving signed confirmation from the school do we proceed, and that stage takes two to three weeks. If any issues arise, payment is withheld until resolved,” he said.
On accountability concerns, Sawyerr acknowledged the importance of transparency. “Managing public funds demands probity, and we must exercise vigilance at every stage. There has been one case of double payment and an allegation of collusion,” he noted.
In May, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) announced an investigation into alleged discrepancies in student loan disbursements, claiming ₦71 billion was unaccounted for. The ICPC also alleged that some schools made unauthorised deductions from students’ fees, ranging from ₦3,500 to ₦30,000. NELFUND denied any mismanagement.
Separately, the House of Representatives has passed a resolution to investigate alleged breaches of the Student Loan Act.