The Nigerian Education Loan Fund (NELFUND) has disbursed over N161.97 billion to tertiary institutions for tuition fees and upkeep for over 864,798 students.

The agency recorded 1.36 million loan applications from eligible students on its portal.

The Managing Director, Akintunde Sawyerr, who announced the figures, said the organisation was in the process of reconciling outstanding students’ upkeep payments amounting to N927.98 million, affecting 11,685 beneficiaries nationwide.

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According to him, the outstanding payments were uncovered following a routine reconciliation conducted at the end of the 2024/2025 academic session.

He clarified that the delays were not the result of withheld funds or policy failures, but were caused by technical and operational challenges, including temporary network downtime, failed transactions, and difficulties validating some students’ bank account details.

According to him, the reconciliation process will involve direct engagement with affected students, a defined grace period for updating or submitting alternative bank account details, and multi-layer validation involving the fund’s IT, client support, audit and finance teams.

The NELFUND boss added that payments will be made promptly once verification was completed.

Sawyerr said: “Our team carried out a routine reconciliation of student upkeep payments. This process revealed that 11,685 students currently have outstanding upkeep payments totalling N927.98 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 and a defined grace period for updating or providing alternative bank account details.”

Sawyerr noted that since the launch of the NELFUND Student Loan Portal, the response from Nigerian students has been significant and encouraging.

He said that as of Tuesday, a total of 1,361,011 applications have been received while 864,798 students have so far benefited from the loan scheme, with total disbursement standing at N161.97 billion.

He explained that N89.94 billion was paid directly to 263 tertiary institutions for tuition and institutional fees, and N72.03 billion was paid directly to students as upkeep allowances.

Sawyerr said: “These figures are not just statistics. They represent real lives impacted, real barriers removed, and real opportunities created.”

He added that the student loan scheme reflected President Tinubu’s firm belief that no Nigerian child should be denied education because of financial limitations.

Sawyerr assured students and their families that NELFUND remains committed to fairness and efficiency, noting that the fund’s systems are designed not only to disburse funds, but also to protect public resources and ensure accuracy.

He added that the N20,000 monthly upkeep allowance had helped ease financial pressure on students and reduce dropout rates across tertiary institutions.

Sawyerr said that NELFUND plans to expand its sensitisation efforts beyond campuses to parents, guardians, traditional rulers and community leaders, in order to deepen trust and awareness of the scheme at the grassroots level.

He said: “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.”

NELFUND Executive Director, Operations, Mustapha Iyal, said a total of 325 institutions have been onboarded for the 2025/2026 academic session, which commenced in November last year, with eligible students of about 3,730,331.

He added that 283,275 loan applications have been verified for the 2025/2026 academic session, while N12.5 billion has been disbursed as institutional charges to 117,640 beneficiaries.

Iyal added 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.