News update on NELFund— Reconciliation to clear ₦927.9m outstanding student upkeep payments.
Abuja — The Nigerian Education Loan Fund (NELFund) has commenced a targeted reconciliation exercise to resolve outstanding student upkeep payments amounting to ₦927.98 million, affecting 11,685 beneficiaries nationwide.
The Managing Director of NELFund, Akintunde Sawyerr, disclosed this in Abuja while providing an update on the performance of the Federal Government’s student loan scheme, describing the intervention as a necessary step to strengthen accountability and efficiency in public service delivery.
According to Sawyerr, the outstanding payments were uncovered during a routine reconciliation exercise conducted at the end of the 2024/2025 academic session. He explained that the delays were not due to withheld funds or policy failure, but rather technical and operational challenges encountered during disbursement.
“In line with the President’s directive on accountability and efficiency, management has approved a one-time focused reconciliation process to resolve all outstanding cases,” he said.
Direct Engagement, Prompt Payment
NELFund said the reconciliation process will involve direct engagement with affected students, with prompt payment to follow immediately after verification is completed.
Stakeholders in the education sector have continued to describe the student loan scheme as a transformative intervention, expanding access to higher education and ensuring that financial constraints do not prevent qualified Nigerians from pursuing tertiary education.
Some beneficiaries interviewed noted that the scheme has provided renewed confidence and stability, allowing students to focus on their studies without the burden of immediate financial pressure.
Performance Snapshot
Providing updated figures, NELFund revealed that:
- Over 1.3 million applications have been received so far
- 864,798 students are currently benefiting
- Beneficiaries cut across 263 public tertiary institutions
- ₦161.9 billion has been disbursed in total
- ₦89.94 billion paid directly as institutional fees
- ₦72.03 billion disbursed to students as monthly upkeep allowances
The Fund also confirmed that loan repayment has commenced, with some beneficiaries already meeting their repayment obligations.
Commitment to Transparency
NELFund reaffirmed that its operations are guided by the principles of fairness, transparency, efficiency, and accountability, assuring students and stakeholders that all verified outstanding payments will be settled. The reconciliation exercise is expected to further consolidate confidence in the student loan programme as a cornerstone of the Federal Government’s broader education financing reforms.