NELFUND Disburses N206bn, Expands Access to Tertiary Education
By Alabidun Shuaib AbdulRahman
The Tinubu Media Support Group, TMSG has described the performance of the Nigerian Education Loan Fund, NELFUND as a major milestone, saying the scheme has emerged as a transformative intervention in the country’s education sector.
The group said the Nigerian Education Loan Fund, NELFUND had recorded 1,164,222 beneficiaries within 23 months of its launch in April 2024, noting that the development had expanded access to tertiary education for thousands of students who might otherwise have been excluded.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group described the agency as one of the key drivers of the Renewed Hope agenda of President Bola Ahmed Tinubu.
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According to the statement, the fund has disbursed a total of N206.29bn in student loans since its inception, describing the achievement as significant given the relatively short period of operation.
“It is gratifying to note that in less than two years of its launch, the Nigerian Education Loan Fund, NELFUND has disbursed N206.29bn in student loans to 1,164,222 beneficiaries.
“This is not a feat to be dismissed because the new agency had little or nothing to build on after its creation by President Bola Tinubu within his first few months in office,” the group said.
The TMSG noted that the student loan initiative fulfilled a key campaign promise by the President to ensure that indigent students are not denied access to higher education due to financial constraints.
It recalled that shortly after assuming office, the President signed into law a student loan bill passed by a previous National Assembly, which was later replaced by a more comprehensive legislation.
The group explained that the revised law, passed by the 10th National Assembly in March 2024 and signed in April 2024, expanded the scope of the scheme to cover both tuition and upkeep allowances.
It added that the programme had grown steadily despite initial scepticism and attempts by some individuals to discourage participation.
Citing data from the NELFUND portal as of March 5, 2026, the group said about 270 institutions were already benefiting from the initiative.
It stated that N128.84bn had been paid directly to institutions as tuition fees on behalf of over 1.16 million students, while N77.45bn had been disbursed as upkeep allowances to beneficiaries.
“This is a verifiable and measurable activity by a government working to ensure that no one is left behind in the pursuit of higher education,” the statement added.
The group expressed optimism that the number of beneficiaries would double before the end of the administration’s first term, citing increasing public confidence in the scheme.
It emphasised that the loans remained interest-free, with repayment expected to begin two years after beneficiaries complete the National Youth Service Corps programme and secure employment.
The TMSG also noted that provisions had been made for repayment deferrals, allowing beneficiaries to request extensions upon presenting evidence of unemployment.
The group commended the management of the fund for its proactive response to misinformation, noting that efforts to discredit the initiative had not slowed its growth.
It urged Nigerians to continue to support the programme and other government initiatives, expressing confidence in the administration’s ability to deliver more people-oriented policies across sectors.
