The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N116.18 billion to support students and educational institutions across the country as of January 1, 2025. This initiative, launched under President Bola Tinubu’s administration, seeks to reduce financial barriers in higher education by offering interest-free loans to students in need. The announcement was made by NELFUND Managing Director, Akintunde Sawyer, during a presentation to the National Assembly Joint Committee on Tertiary Institutions and TETFund in Abuja.

Sawyer disclosed that out of the total disbursed funds, N37.7 billion was allocated as loans to educational institutions, while 352,796 students applied for the program, with 108,484 receiving approval. For the 2025 fiscal year, NELFUND received a budget allocation of N58.4 billion, with N12.2 billion earmarked for personnel costs, N24.7 billion for overhead expenses, and N21.4 billion for capital projects. Sawyer highlighted the organization’s role in addressing the financial gaps faced by students nationwide.

Senator Dandutse Muntari, Chairman of the Senate Committee on Tertiary Institutions and TETFund, commended NELFUND’s efforts and stressed the importance of accountability in managing the agency’s funds. He affirmed the legislature’s commitment to evaluating NELFUND’s financial plans to ensure alignment with national educational goals and its capacity to meet the increasing demand for student loans. Muntari emphasized that the agency is a crucial pillar in bridging financial barriers for students pursuing tertiary education.

The initiative reflects the government’s dedication to human capital development and equitable access to education. By providing interest-free loans and strategic financial support to institutions, NELFUND plays a pivotal role in ensuring that students, regardless of their financial status, can pursue quality education while addressing the broader challenges facing Nigeria’s education sector.