NELFUND Disburses N1.17bn in Fees to 20,000 Students, More Institutions to Follow

The Nigerian Education Loan Fund (NELFUND) has paid out N1.17 billion to cover institutional fees for 20,000 students across five public tertiary institutions, with more disbursements on the way. Announcing the development at a press briefing in Abuja on Wednesday, NELFUND's Managing Director, Akintunde Sawyerr, said the disbursement was carried out in line with a directive from President Bola Tinubu. He put the exact figure at N1,172,388,340, representing full payment for all 20,000 beneficiaries. Sawyerr said a sixth institution would be brought into the scheme before the day was out, and that NELFUND intends to keep expanding coverage as more applications come in. He revealed that roughly 100 additional institutions currently have applications under review by the fund. Explaining the rollout strategy, Sawyerr said institutions were selected based on their academic calendars, with fees for other schools to be disbursed once their sessions begin. "Disbursement to other institutions will be made at the beginning of their sessions, to ensure a transparent and equitable distribution of resources," he said. He added that a further N850 million is earmarked for release to other institutions awaiting payment. Beyond institutional fees, Sawyerr disclosed that 260,000 students have so far been approved for upkeep loans and charges. He explained that the upkeep and institutional charge package is capped at N250,000 per student annually, though students may apply for less than the full amount if they wish. Not all students who take the institutional loan opt into the upkeep loan as well, he noted, and payments are made in tranches according to individual need. Asked whether postgraduate students could access the loan scheme, Sawyerr said NELFUND's mandate is currently limited to undergraduates from less privileged backgrounds. "Our focus is on the undergraduate students. It is a fund that enables those who have the least opportunities to get education," he said, adding that postgraduate coverage was not being ruled out but was not the current priority.