The Nigerian Education Loan Fund (NELFUND) has announced plans to resolve outstanding payments worth N927.98m for 11,685 students.
This follows a routine reconciliation exercise that revealed the outstanding amounts, attributed to technical and operational issues, including temporary network downtime, failed transactions, and invalid bank account details.
Advertisement
The Managing Director of NELFUND, Akintunde Sawyerr, said this in Abuja on Tuesday, while briefing journalists on the progress, impact and challenges of the scheme.
Sawyerr assured that the outstanding payments are not a result of withheld funds or policy failure, but rather technical issues.
He disclosed that a one-time focused reconciliation process has been approved to resolve all outstanding cases, involving direct engagement with affected students, validation of bank account details, and prompt payment once validation is completed.
The NELFUND boss also disclosed that the Fund has so far disbursed a total of N161.97bn to students, including N89.94bn for tuition and institutional fees, and N72.03bn as upkeep allowances, benefiting 864,798 students.
He added that the organisation has also undertaken extensive sensitization and engagement across tertiary institutions nationwide and plans to expand its outreach to parents, guardians, and traditional institutions.
He assured Nigerian students and their families of its commitment to transparency, fairness, and service, and appreciated the patience shown by affected students and the media.
“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 said.
He added that NELFUND is a key pillar of the Renewed Hope Agenda, aimed at expanding access to higher education, strengthening human capital, and securing Nigeria’s future.
“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,” he said.
While giving his presentation, the Executive Director of Operations of NELFUND, Mr. Mustapha Iyal, who provided an update on the new session(2025/2026), stated that NELFUND has received applications from 325 institutions, with 283,275 applications processed.
He disclosed that upkeep payments for these students will commence this January.
He explained that upkeep is paid per session, not for the entire 12 months, and urged students to apply for each session to receive the allowance.