Oyindamola Ogunbowale
The Nigerian Education Loan Fund (NELFUND) has disbursed ₦355.87 billion to students and tertiary institutions since the student loan scheme began, amid renewed discussions about the programme and its implementation.
The latest figures show that NELFUND has processed 1,659,853 loan applications, with ₦192.89 billion disbursed to 319 beneficiary institutions for institutional charges and ₦162.98 billion paid to students as upkeep allowances.
The figures come as the agency responds to claims surrounding the administration of the loan scheme, including allegations of political bias.
NELFUND Managing Director, Akintunde Sawyerr, has dismissed claims that the programme favours children of members of the All Progressives Congress (APC).
Speaking on Channels Television’s Sunday Politics, Sawyerr described the allegation as “completely ridiculous”, stressing that applications are processed electronically according to established eligibility criteria rather than political affiliation.
He also said demand for the loans had been overwhelming and noted that the scheme had been linked to a reported reduction in student dropout rates.
Meanwhile, NELFUND has debunked another claim circulating online that students who fail to repay their loans after graduation could face life imprisonment.
The agency described the claim as false, saying a purported newspaper front page reporting the alleged punishment had been doctored and did not originate from the government.
NELFUND clarified that loan repayment does not begin immediately after graduation.
Under the current framework, repayment is scheduled to begin two years after completion of the National Youth Service Corps (NYSC) programme, subject to the applicable conditions.
With more than 1.6 million applications processed and ₦355.87 billion already disbursed, NELFUND’s student loan scheme continues to attract public attention as the government seeks to expand access to tertiary education while establishing a sustainable repayment system.
