NELFUND disburses ₦85bn in loans to 449,000 students nationwide

The Nigerian Education Loan Fund says it has disbursed ₦85 billion to 449,000 students across 218 federal and state tertiary institutions. Managing Director Akintunde Sawyerr announced the figures during an interview.

Sawyerr explained that ₦47 billion of the total amount went directly to institutions for tuition fees, while ₦38 billion was allocated as upkeep allowances for students. He said 733,000 students have so far registered for the scheme, with 734,000 applications received.

Also Read: NELFUND Disburses ₦73.2 Billion in Student Loans in One Year

To ensure transparency, Sawyerr said all beneficiaries are required to provide their bank verification numbers, allowing NELFUND to track active bank accounts. On loan recovery, he noted that the responsibility for repayment rests with employers, not the students.

According to him, employers must check a database before hiring to determine if a candidate has an outstanding loan. With the employee’s consent, 10 percent of their salary or wages is then deducted and remitted to NELFUND. This arrangement also applies to self-employed beneficiaries, who are expected to make repayments directly.