ABUJA — Nigeria’s flagship education intervention, the Nigerian Education Loan Fund (NELFUND), has processed nearly one million applications in just over a year, significantly expanding access to higher education across the country. Speaking in Abuja on Wednesday, Ifeoluwa Ehindero, Chairman of the House of Representatives Committee on Student Loans, Scholarships, and Higher Education Financing, revealed that the agency has disbursed over N116 billion ($72 million) in tuition fees and student stipends as of October 2025.”
“Unprecedented” Growth
Addressing the Association of Corporate Online Editors (ACOE), Mr. Ehindero praised the rapid scaling of the fund under President Bola Tinubu’s administration. He noted that the agency, which transitioned into its current high-capacity form recently, is now processing up to 50,000 applications per week.”For an agency to verify 983,000 applicants across 265 institutions in such a short window is no small feat,” Mr. Ehindero said. “These are not ghost applications; these are verifiable Nigerian students receiving the support they need to stay in school.”
Cracking Down on Institutional “Sharp Practices”
Despite the agency’s success, the parliamentary committee head issued a stern warning to higher education institutions over the mismanagement of disbursed funds.
Legislative oversight has uncovered “sharp practices” where some universities received payments from NELFUND but failed to grant students immediate access to course registration. Mr Ehindero revealed that the committee’s “due diligence” has already forced several institutions to return unspent or mishandled funds.
Recoveries: One institution alone was compelled to refund N266 million ($165,000).
Total Refunds: Eleven schools have so far returned funds to the national treasury following committee probes.
The Digital Solution: The lawmaker is now pushing for a fully digitalised “student dashboard” that would allow beneficiaries to activate their own payments, bypassing institutional delays.
A Sustainable Future
The lawmaker highlighted that the recent tax reforms have secured NELFUND’s future. Under the new 4% Development Levy on accessible profits, the student loan fund has been allocated a 15% share, a significant increase from previous funding models.”The President has mandated that funds must always be available so that Nigerian students do not get stuck,” Mr. Ehindero added. “This 15% allocation shows a genuine commitment to using education as a catalyst for national development.”
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