The Nigerian Education Loan Fund (NELFUND) has disbursed over N73.2 billion in interest-free loans to 396,252 students nationwide in its first operational year, NaijNaira can report. The funds supported undergraduates across all 36 states and the FCT, enabling access to higher education without the burden of interest-based debt.
According to Premium Times, Managing Director Akintunde Sawyerr revealed this update during a press briefing in Abuja. He said 645,692 applications had been submitted so far, with 94% already processed from 206 higher institutions across the country.
“For the first time in our nation’s history, students are gaining structured, interest-free access to education finance through a national public fund,” Sawyerr stated.
He added that many beneficiaries are first-generation students, and the platform’s digital structure guarantees efficient tracking, verification, and transparency.
Sawyerr also acknowledged system setbacks including data errors, delays in verification, and misinformation online. He stressed the need for applicants to trust only official sources.
“We’ve remained steadfast, improving our systems, engaging applicants directly, training institutional focal points, and addressing concerns swiftly,” he said.
He warned that unchecked online misinformation threatens the integrity of the initiative, which continues to evolve in real time to support more Nigerian students.
Article updated 1 month ago. Content is written and modified by multiple authors.
