The Chairman of the House of Representatives Committee on Student Loans, Scholarships and Higher Education Financing, Ifeoluwa Ehindero, has said the Nigerian Education Loan Fund (NELFUND) is making significant progress in breaking financial barriers to higher education for Nigerian youths.
Ehindero made the remarks on Wednesday in Abuja during an interactive session with members of the Association of Corporate Online Editors (ACOE), who paid him a courtesy visit in his office.
According to the lawmaker, NELFUND has recorded remarkable achievements within a short period of its operation, describing the agency as a critical government intervention designed to support students financially and expand access to tertiary education.
He disclosed that the fund has processed a large number of verified applications and has already disbursed more than N116 billion in institutional fees and student stipends as of October 2025.
Ehindero noted that the programme has attracted over one million applicants, with about 983,000 beneficiaries across more than 265 tertiary institutions in the country.
He added that the agency currently processes up to 50,000 applications weekly, describing the scale of operations as a significant administrative achievement for an agency barely a year old.
“I am quite satisfied with the overall performance of NELFUND. These are not ghost applications; they are verifiable applications. To verify close to one million applicants and process them across more than 265 institutions is not a small feat,” he said.
The committee chairman also commended President Bola Ahmed Tinubu for his commitment to the sustainability of the student loan programme through consistent funding and policy support.
He explained that the President ensured that NELFUND was properly captured under the 4 per cent Development Levy introduced through the tax reform framework, with 15 per cent of the levy allocated to the fund.
According to him, the allocation demonstrates the Federal Government’s determination to sustain the student loan initiative and expand opportunities for Nigerian youths seeking higher education.
“The President has mandated that funds must always be available for NELFUND so that Nigerian students will not get stuck because of lack of funding. That shows the administration’s commitment to education as a catalyst for national development,” he stated.
Ehindero, however, said one of the key challenges identified through the committee’s oversight activities relates to how some beneficiary institutions manage and administer the funds after disbursement.
He explained that while NELFUND is responsible for processing applications and disbursing funds, institutions are expected to properly verify students and apply the funds accordingly.
According to him, delays and irregularities in some institutions have created challenges for students whose loans had already been disbursed.
To address the issue, the lawmaker revealed that the committee’s oversight intervention had compelled some institutions to refund improperly handled funds.
He disclosed that about 11 institutions have refunded money to NELFUND, including one school that returned N266 million following investigations into alleged sharp practices.
Ehindero added that the committee would continue to probe other institutions suspected to be involved in similar irregularities.
He also urged NELFUND to fully digitalise its disbursement process to enhance transparency and empower students to monitor their loan payments.
According to him, a digital system that allows students to track disbursements through personal dashboards linked to their school portals would eliminate delays and ensure that payments are immediately reflected for course registration.
He expressed optimism that improved digital systems and continued oversight would strengthen the integrity and effectiveness of the student loan programme.
