Nigeria’s education financing reform recorded a major milestone on Tuesday, January 13, 2026, as the Nigerian Education Loan Fund announced that it has disbursed a total of ₦161.97 billion to 864,798 students across the country since the launch of its student loan application portal.
The disclosure was made during a press briefing held in Abuja, Nigeria’s federal capital, where the Managing Director of the Nigerian Education Loan Fund, Akintunde Sawyerr, addressed journalists on the progress, measurable impact, and operational challenges of the national student loan scheme.
Okay News reports that the Nigerian Education Loan Fund was established by the administration of Nigeria’s President, Bola Ahmed Tinubu, under the Renewed Hope Agenda, a policy framework aimed at expanding access to education, social inclusion, and economic opportunity for Nigerian citizens.
Speaking at the briefing, Sawyerr explained that the fund was designed to ensure that no Nigerian student is denied access to tertiary education due to financial hardship, describing education as a critical driver of national development and social mobility.
According to the Managing Director, the fund has so far received a total of 1,361,011 loan applications from students enrolled in tertiary institutions across Nigeria, reflecting strong nationwide demand for structured education financing.
A breakdown of the ₦161.97 billion disbursed shows that ₦89.94 billion was paid directly to 263 accredited tertiary institutions to cover tuition fees and institutional charges, while ₦72.03 billion was transferred directly to students as upkeep allowances to support living expenses during academic sessions.
“As of today. 1,361,011 applications have been received, 864,798 students have so far benefited from the loan scheme, and a total disbursement stands at ₦161.97 billion.
“These include ₦89.94 billion paid directly to 263 tertiary institutions for tuition and institutional fees, and ₦72.03 billion paid directly to students as upkeep allowances,” he said.
Sawyerr noted that the figures represent tangible relief for students and families, adding that the scheme is gradually dismantling long-standing financial barriers that have historically limited access to higher education in Nigeria.
He further revealed that over the past year, the Nigerian Education Loan Fund has conducted extensive sensitisation and engagement campaigns across tertiary institutions nationwide to improve awareness, understanding, and trust in the student loan system.
He added that the next phase of engagement would deliberately extend beyond campuses to include parents, guardians, traditional rulers, and faith-based institutions, with the goal of strengthening public confidence and broadening participation.
“Over the last year, NELFUND has also undertaken extensive sensitisation and engagement across tertiary institutions nationwide.
“We have worked directly with students, school authorities, and stakeholders to drive awareness, understanding, and access to the scheme.
“However, as we move into this new phase, we recognise that deepening impact requires broader engagement. This year, our focus will expand to another very important group within the NELFUND ecosystem,” he said.
Addressing questions on unpaid upkeep allowances, Sawyerr disclosed that a reconciliation exercise conducted after the 2024/2025 academic session identified 11,685 students with outstanding upkeep payments totaling ₦927.98 million.
He clarified that the delays were not the result of withheld funds or policy failure but were caused by technical and operational challenges, including network downtime, failed electronic transactions, and unvalidated bank account details submitted by applicants.
To resolve the issue, he said management approved a one-time reconciliation process involving direct engagement with affected students, a grace period for correcting bank details, multi-layer validation procedures, and prompt payment upon verification.
On the long-term sustainability of the scheme, Sawyerr cited key reforms such as the amendment of the student loan law, removal of guarantor requirements, inclusion of upkeep allowances, and the fund’s ability to raise and invest capital.
He also disclosed ongoing partnerships with philanthropists, corporate organisations, and government agencies, including a ₦20 billion collaboration with Nigeria’s Federal Ministry of Education to support Technical and Vocational Education and Training programmes.
Also speaking at the briefing, the Executive Director of Operations of the Nigerian Education Loan Fund, Mustapha Iyal, provided further operational updates, noting that the outstanding upkeep payments represented approximately 11,000 students out of more than 400,000 beneficiaries during the 2024/2025 academic session.
Iyal explained that many of the issues arose from incorrect data supplied by applicants, adding that the fund has engaged tertiary institutions to validate student information, with feedback already received from more than 100 institutions.
He said payment of the outstanding upkeep allowances is expected to commence shortly.
Iyal also revealed that applications for the 2025/2026 academic session opened in November 2025, with over 200 institutions submitting updated student data.
According to him, about 280,000 applications have been received so far, and loans have already been disbursed to more than 150,000 students.
He added that upkeep allowances for the new academic session will begin in January, explaining that upkeep payments are tied to active academic sessions and require fresh applications each year.
On loan repayment, Iyal confirmed that repayment has commenced, with beneficiaries who have graduated and secured employment beginning to fulfil their repayment obligations.
