The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of ₦85 billion to support 449,000 students across 218 tertiary institutions in the country. Managing Director Akintunde Sawyerr disclosed that the initiative aims to ease the financial burden on students and improve access to higher education.
According to him, ₦47 billion was paid directly to schools to cover tuition fees, while ₦38 billion was transferred to beneficiaries as upkeep allowances. Sawyerr explained that the loan application process requires students to provide their Bank Verification Numbers (BVNs) to ensure transparency and proper tracking of funds.
Out of the 733,000 students registered on the NELFUND portal, 734,000 applications have been processed, with 449,000 already benefiting from the scheme. He further noted that loan repayments will be coordinated through employers, relieving students of the immediate responsibility of repaying while still in school.
