NELFUND Rules Out Publishing Names of Student Loan Beneficiaries

The Nigerian Education Loan Fund (NELFUND) has said it will not publish the names of individual students benefiting from its loan scheme, insisting that their personal information must remain confidential.

The Managing Director and Chief Executive Officer of NELFUND, Akintunde Sawyerr, disclosed this in an interview, explaining that the organisation would instead publish the names of beneficiary institutions and the number of students receiving financial support.

He said releasing individual identities could expose beneficiaries to embarrassment, discrimination and possible targeting because of their financial circumstances.

Sawyerr maintained that accessing an educational loan should not become a source of public embarrassment, adding that data protection regulations prevented the organisation from disclosing such personal information.

According to him, NELFUND had disbursed a total of ₦375.28bn as of November 9, 2026, since the launch of its student loan application portal on May 24, 2024.

The amount comprised ₦194.77bn paid towards institutional fees and ₦180.50bn released as upkeep allowances. A total of 1,675,474 student loans had been disbursed across 320 beneficiary institutions.

On the possibility of introducing interest charges, the NELFUND chief said the organisation had no immediate plans to charge interest on the loans, maintaining that Nigerian students deserved interest-free educational financing.

He also disagreed with suggestions that the loans should be converted into grants, arguing that beneficiaries at the tertiary education level were adults who understood the financial responsibilities attached to borrowing and should be prepared to repay after completing their education and securing employment.

Addressing concerns about the sustainability of the scheme, Sawyerr said loan recovery was not the fund's only source of financing, identifying investment returns, donations and statutory allocations as additional sources of revenue.

He explained that NELFUND received 15 per cent of the four per cent development levy, which was shared among eligible beneficiaries under the statutory arrangement.

He added that expanding access to education would eventually increase the country's skilled workforce and tax base, generating additional revenue that could support future educational financing.

Sawyerr also disclosed that some beneficiaries had commenced loan repayments, while several Nigerians had expressed interest in supporting the scheme by paying the educational expenses of other students.

On the introduction of the tokenisation system, he explained that the initiative was designed to prevent double payments of tuition fees and give students greater control over the payment process.

Under the arrangement, beneficiaries receive electronic payment tokens through their mobile applications and authorise the transfer of approved tuition fees directly to their respective institutions.

He said the system addressed situations where students had already paid their fees before NELFUND processed payments to their institutions, sometimes resulting in duplicate transactions.

The director-general further addressed concerns about tuition fee increases by some tertiary institutions, saying the fund would not finance charges considered excessive.

He disclosed that a price dispute feature had been introduced on the organisation's new portal, allowing students to challenge disputed fees before applying for loans.

However, he clarified that NELFUND lacked the legal authority to punish institutions over arbitrary fee increases, explaining that it could only withdraw financial support while relevant regulatory agencies handled disciplinary measures.

He identified the National Universities Commission, National Board for Technical Education and National Commission for Colleges of Education as the agencies responsible for regulating the respective institutions.