The Nigerian Education Loan Fund (NELFUND) says it has disbursed N154.37 billion to 788,947 students across the country within its first 19 months of operation.

The Managing Director and Chief Executive Officer of NELFUND, Mr Akintunde Sawyerr, disclosed this on Tuesday during a virtual media roundtable with journalists, where he reviewed the Fund’s activities and performance since its establishment in April 2024.

According to Sawyerr, as of December 9, 2025, the Fund had received 1,265,509 loan applications from students across the 36 states and the Federal Capital Territory (FCT). Of this number, 788,947 applications, representing 62.3 per cent, were successful and have already been disbursed.

He explained that delays in processing some applications were due to the surging volume of daily submissions, as well as inaccurate or incomplete information provided by applicants and their institutions.

Sawyerr said while NELFUND aims to ensure timely access to loans, the Fund must carry out thorough screening within a maximum of 30 days to prevent payments to ineligible applicants.

“While speed is important, we must ensure applications are properly screened so that government funds are not lost,” he said.

Breaking down the disbursement figures, Sawyerr said N82.35 billion was paid directly to 262 tertiary institutions as tuition and compulsory fees on behalf of beneficiaries, while N72.02 billion was released as monthly upkeep allowances to students.

He noted that all payments are made through a fully digitised platform, rather than cash, to guarantee transparency, tracking, verification and accountability.

The NELFUND boss urged students to take advantage of the scheme, stressing that the loans are interest-free and come with flexible repayment terms.

According to him, beneficiaries are required to repay only the amount borrowed, starting two years after completing the mandatory one-year National Youth Service Corps (NYSC) programme and upon securing employment.

“If you don’t have a job after NYSC, you won’t pay. Once employed, only 10 per cent of your monthly income will be deducted and remitted to NELFUND,” he said, adding that beneficiaries living abroad are also obligated to repay once economically engaged.

Sawyerr also condemned the frequent increase in tuition and other charges by some institutions following the introduction of the loan scheme, describing the practice as unfair to students.

He said NELFUND had warned affected institutions to desist or risk having their students’ applications not processed.

On the possible expansion of the scheme, Sawyerr disclosed that President Bola Tinubu had expressed willingness for the programme to eventually cover students in private institutions but noted that limited resources currently make such inclusion impossible.

He appealed to students in public institutions to fully utilise the loan scheme and urged parents to encourage their children to apply, saying the initiative would ease financial pressure and improve academic outcomes.