The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N161.97 billion to 864,798 students across the country since the launch of its student loan portal, in a major push to expand access to tertiary education.

The Managing Director of NELFUND, Mr. Akintunde Sawyerr, disclosed this on Tuesday in Abuja while briefing journalists on the progress, impact and challenges of the student loan scheme.

Sawyerr said the initiative, which aligns with President Bola Tinubu’s Renewed Hope Agenda, was designed to ensure that no Nigerian student is denied access to higher education due to financial constraints.

According to him, the fund has so far received 1,361,011 loan applications nationwide.

He explained that of the N161.97 billion disbursed, N89.94 billion was paid directly to 263 tertiary institutions to cover tuition and other institutional charges, while N72.03 billion was paid to beneficiaries as upkeep allowances.

“As at today, 1,361,011 applications have been received, 864,798 students have benefited from the loan scheme and total disbursement stands at N161.97 billion.

“These include N89.94 billion paid directly to 263 tertiary institutions for tuition and institutional fees, and N72.03 billion paid directly to students as upkeep allowances,” he said.

Sawyerr described the figures as evidence of the scheme’s tangible impact on students and families, noting that financial barriers were being removed and educational opportunities expanded.

He added that NELFUND had, over the past year, carried out extensive sensitisation programmes across tertiary institutions to boost awareness and access to the scheme.

According to him, the agency is now expanding its engagement to include parents, guardians, traditional rulers and faith-based institutions to deepen public understanding and trust.

“Over the last year, NELFUND has undertaken extensive sensitisation and engagement across tertiary institutions nationwide.

“However, as we move into a new phase, we recognise that deeper impact requires broader engagement beyond campuses,” he said.

On upkeep allowances, the NELFUND boss revealed that a reconciliation exercise after the 2024/2025 academic session showed that 11,685 students had outstanding payments totalling N927.98 million.

He clarified that the delays were due to technical and operational challenges such as network failures, unsuccessful transactions and unvalidated bank account details, rather than policy or funding issues.

Sawyerr said management had approved a one-time reconciliation process to resolve the matter, including direct engagement with affected students, a grace period for updating bank details, multi-layer validation and prompt payment upon verification.

Speaking on the sustainability of the scheme, he said provisions in the amended Student Loan Act, such as the removal of guarantor requirements, inclusion of upkeep allowances and the ability to raise and invest funds, were designed to ensure long-term viability.

He added that NELFUND was exploring partnerships with philanthropists, corporate organisations and government agencies, citing a N20 billion collaboration with the Ministry of Education on Technical and Vocational Education and Training (TVET).

Also speaking, the Executive Director of Operations, NELFUND, Mr. Mustapha Iyal, said the outstanding upkeep payments affected about 11,000 students out of more than 400,000 beneficiaries during the 2024/2025 session.

Iyal explained that institutions had been contacted to validate student data, noting that many of the challenges arose from incorrect information provided by applicants.

He said feedback had been received from over 100 institutions and that payment of the outstanding upkeep allowances would commence shortly.

Iyal further disclosed that applications for the 2025/2026 academic session opened in November 2025, with over 200 institutions submitting updated data.

According to him, about 280,000 applications have been received so far, with loans already disbursed to more than 150,000 students.

He added that upkeep payments for the new academic session would begin in January, explaining that upkeep allowances are tied to active academic sessions and require fresh applications each session.

On loan repayment, Iyal said repayment had commenced, with some beneficiaries who have graduated and secured employment already beginning to repay their loans.