The Nigerian Education Loan Fund (NELFUND) has said it gave out N58.85 billion to help Nigerian students pay their school fees and support their daily needs. This help was given to over 550,000 students in just one year, even as the agency faces questions about missing funds.
This update was shared in a statement on Saturday by NELFUND’s Head of Corporate Communications, Oseyemi Oluwatuyi. The statement marked one year since NELFUND was created by President Bola Ahmed Tinubu on May 24, 2024.
NELFUND also mentioned that over 600,000 students have joined the loan program and more than 550,000 loan applications have been approved in the past year.
The statement highlighted the government’s strong effort to support education in Nigeria. It said the program has made it easier for students to get financial help. In total, N58.85 billion has been given out to pay for tuition and upkeep.
However, this good news comes at a time when there are reports that N71 billion is missing or unaccounted for at NELFUND.
About three weeks ago, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) announced it was looking into the issue. The ICPC is checking for any problems in how student loans were given out.
Despite the investigation, NELFUND’s Managing Director, Akintunde Sawyerr, said no money has been stolen. He explained in an interview with Channels Television on May 4, 2025, that the confusion happened because of some mistakes during the payment process where people were involved.
