...Says ₦89.94bn paid to 263 tertiary institutions, ₦72.03bn paid directly to students
The Nigerian Education Loan Fund (NELFUND) has revealed that 11,685 students currently have outstanding upkeep payments totaling ₦927.98 million, following the conclusion of the 2024/2025 academic session.
Addressing journalists Tuesday in Abuja, the Managing Director and Chief Executive of NELFUND, Mr. Akintunde Sawyerr, said the outstanding upkeep payments is as a result of technical and operational issues, including temporary network downtime, failed transactions, and failure of validation of bank account details at the time of processing.
However, he said that, in line with President Bola Ahmed Tinubu’s directive on accountability and efficiency in public service, the Management has approved a one-time, focused reconciliation process to resolve all outstanding cases.
Sawyerr said, as at January 13, 2026, 1,361,011 applications have been received by NELFUND and that 864,798 students have so far benefited from the loan scheme, with total disbursement standing at ₦161.97 billion, including ₦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: "First, it is important to state that NELFUND is a direct outcome of the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, GCFR, an agenda that places people, opportunity, and access at the centre of governance. The student loan scheme reflects Mr. President’s firm belief that no Nigerian child should be denied education because of financial limitations.
"Since the launch of the NELFUND Student Loan Portal, the response from Nigerian students has been significant and encouraging. As at today: 1,361,011 applications have been received, 864,798 students have so far benefited from the loan scheme, and total disbursement stands at ₦161.97 billion.
"This includes: ₦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. These figures represent more than statistics. They reflect real lives impacted, real barriers removed, and real opportunities created under the Renewed Hope Agenda.
"Over the last year, NELFUND has also undertaken extensive sensitisation and engagement across tertiary institutions nationwide, working 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: parents, guardians, and traditional institutions.
"We will be engaging traditional rulers, community leaders, parents, and faith-based institutions, taking the message of NELFUND to churches, mosques, motor parks, and community spaces across the country. This is about taking NELFUND to the grassroots, ensuring that families understand the scheme, trust the process, and are empowered to support their children in accessing higher education."
He added: "That said, transparency also requires us to speak openly about the challenges. Following the conclusion of the 2024/2025 academic session, our team carried out a routine reconciliation of student upkeep payments. This process revealed that 11,685 students currently have outstanding upkeep payments totaling ₦927.98 million.
"Let me be very clear: These are not cases of withheld funds or policy failure. Rather, they are the result of technical and operational issues, including temporary network downtime, failed transactions, and instances where bank account details could not be validated at the time of processing.
"In line with the President’s directive on accountability and efficiency in public service, Management has approved a one-time, focused reconciliation process to resolve all outstanding cases.
"This includes: Direct engagement with affected students, a defined grace period for updating or providing alternative bank account details, multi-layer validation involving IT, client support, audit, and finance teams, and prompt payment once validation is completed. Our objective is straightforward: every eligible student must receive what is due to them, accurately, transparently, and without delay.
"To Nigerian students and their families, I want to offer this assurance:
NELFUND remains committed to the values of transparency, fairness, and service that underpin the Renewed Hope Agenda. Our systems are deliberately designed not only to disburse funds, but to protect public resources and ensure that every payment is correct and accountable.
"We appreciate the patience shown by affected students and the constructive role played by the media. We will continue to provide updates as this reconciliation exercise is concluded.
NELFUND is more than a financial intervention. It is a key pillar of the Renewed Hope Agenda, aimed at expanding access to higher education, strengthening human capital, and securing Nigeria’s future."
Also speaking, NELFUND Executive Director of Operations, Mustapha Iyal, said that many students were in a hurry to conclude their applications on the portal, hence making mistakes in the inclusion of correct account details for payment, hence the delay in receiving the upkeep payments.
However, he said reconciliations are being carried out and that disbursement will commence this January in order for the backlog to be cleared.
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