![Hon. Festus Keyamo SAN arrives MMIA past 11:50 p.m. Feb 23 to lead oversight of Terminal 1 fire. Joined FAAN MD & team actively managing situation. Directed morning inspection Tuesday to guide restoration & confirm safety standards. Reaffirmed focus on passenger safety. Story: [link] #KeyamoMMIA #FireIncident #FAAN](https://fullcliphq.com/wp-content/uploads/2026/02/mym-150x150.jpg "MMIA Fire: Keyamo Inspects Lagos Airport After Terminal 1 Blaze Disrupts Flights")
The Nigerian Education Loan Fund (NELFUND) has disbursed more than N206 billion in interest-free loans to 1,164,222 students in 270 tertiary institutions across the country since the scheme was launched by President Bola Ahmed Tinubu in May 2024.
This significant achievement, recorded within 23 months of operation, represents one of the largest direct interventions in Nigeria’s tertiary education sector in recent years. According to the latest data released by the agency, NELFUND has received a total of 1,751,669 loan applications since the portal opened, out of which 1.16 million students have successfully benefited.
A breakdown of the disbursements shows that N128.84 billion was paid directly to institutions to settle tuition fees, while N77.45 billion was released to students as upkeep allowances to cover living and academic expenses. The agency also recorded 969 new applications in its latest update, representing a marginal 0.1 per cent increase, which officials described as evidence of sustained public interest and growing confidence in the programme.
Speaking on a national television programme on Tuesday, NELFUND Managing Director Akintunde Sawyerr assured students that no eligible beneficiary would be prevented from sitting for examinations due to financial constraints. He explained that the scheme was introduced to solve the long-standing problem of many young Nigerians being unable to start or complete tertiary education because of lack of funds.
Sawyerr emphasised that the loans are granted on very soft terms and are completely interest-free, with repayment scheduled to begin two years after the completion of the National Youth Service Corps (NYSC), and only when the beneficiary secures gainful employment. He noted that while the agency is committed to prompt disbursement, due process and institutional verification are necessary to safeguard public funds.
The Director particularly praised Delta State University, Abraka, for adopting a student-friendly policy that allows those with “verified” or “disbursed” loan status to sit for their first semester 2025/2026 examinations upon presenting proof of application. Sawyerr described this as a practical demonstration of institutions aligning with the core objective of the NELFUND scheme.
