FG Rolls Out N80 Billion Student Loan Boost via NELFUND

The Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has announced that the Federal Government has disbursed over N80 billion to Nigerian institutions under its ongoing student loan programme.

Speaking at the two-day Renewed Hope Student Leaders Engagement held at the University of Port Harcourt, Sawyerr revealed that the scheme has attracted more than 745,000 applications, with over 400,000 students already benefiting through tuition payments and monthly upkeep allowances of ₦20,000 per session.

He emphasised NELFUND’s commitment to transparency as a way to strengthen public trust and ensure the scheme’s long-term sustainability. According to him, the loans come in two forms — an institutional loan paid directly to schools and an upkeep loan for students — both of which are interest-free.

Sawyerr also noted that under the revised law, the programme can now receive funding from private sources, including philanthropists, NGOs, and other education-focused donors.

The Senior Special Assistant to the President on Students Engagement, Asefon Dayo, also addressed the gathering, describing the loan scheme as a vital bridge between government and students, aimed at closing communication gaps and advancing President Bola Tinubu’s education and youth development reforms.

Dayo added that the initiative has already helped to reduce dropout rates in tertiary institutions and allocated funds to 15 schools to establish innovation hubs and entrepreneurship centres. He urged student leaders to make the most of the opportunities, share knowledge with their peers, and promote equal access to these benefits nationwide.