…targets grassroots engagement nationwide in 2026
The Nigerian Education Loan Fund (NELFUND) has commenced a reconciliation exercise to resolve outstanding student upkeep payments amounting to N927.98 million, affecting 11,685 beneficiaries nationwide.
Akintunde Oluwole Sawyerr, Managing Director of NELFUND, disclosed this on Tuesday during a press conference in Abuja, where he provided an update on the performance of the student loan scheme and addressed concerns over delayed upkeep allowances.
Sawyerr explained that the outstanding payments were uncovered following a routine reconciliation conducted at the end of the 2024/2025 academic session.
Read also: Education loan applications reach 1.33m as NELFUND disburses N161.9bn
He clarified that the delays were not the result of withheld funds or policy failures, but were caused by technical and operational challenges, including temporary network downtime, failed transactions, and difficulties validating some student’s bank account details.
“Transparency also requires us to speak openly about the challenges. Following the conclusion of the 2024/2025 academic session, our team carried out a routine reconciliation of student upkeep payments.
“This process revealed that 11,685 students currently have outstanding upkeep payments totaling N927.98 million.
Let me be very clear: These are not cases of withheld funds or policy failure. Rather, they are the result of technical and operational issues, including temporary network downtime, failed transactions, and instances where bank account details could not be validated at the time of processing.
“As part of our commitment to transparency and accountability, management has approved a one-time, focused reconciliation process to ensure that every eligible student receives what is due to them,” he said.
According to him, the reconciliation process will involve direct engagement with affected students, a defined grace period for updating or submitting alternative bank account details, and multi-layer validation involving the fund’s IT, client support, audit and finance teams. He added that payments will be made promptly once verification is completed.
Sawyerr assured students and their families that NELFUND remains committed to fairness and efficiency, noting that the fund’s systems are designed not only to disburse funds, but also to protect public resources and ensure accuracy.
Despite the payment gaps, NELFUND has recorded significant progress under the Federal Government’s student loan scheme. Since the launch of its student loan portal, the fund has received 1,361,011 applications, with 864,798 students benefiting so far.
Total disbursement under the scheme currently stands at N161.97 billion, comprising N89.94 billion paid directly to 263 public tertiary institutions for tuition and institutional fees, and N72.03 billion disbursed to students as monthly upkeep allowances.
Sawyerr said the student loan scheme is a key pillar of President Bola Ahmed Tinubu’s Renewed Hope Agenda, aimed at ensuring that no Nigerian is denied access to education due to financial constraints.
He added that the N20,000 monthly upkeep allowance has helped ease financial pressure on students and reduce dropout rates across tertiary institutions.
He also revealed that NELFUND plans to expand its sensitisation efforts beyond campuses to parents, guardians, traditional rulers and community leaders, in order to deepen trust and awareness of the scheme at the grassroots level.
“This year, our focus will expand to another very important group within the NELFUND ecosystem: parents, guardians, and traditional institutions.
“We will be engaging traditional rulers, community leaders, parents, and faith-based institutions, taking the message of NELFUND to churches, mosques, motor parks, and community spaces across the country. This is about taking NELFUND to the grassroots, ensuring that families understand the scheme, trust the process, and are empowered to support their children in accessing higher education,” he said.
NELFUND said it would continue to provide updates as the reconciliation exercise progresses, while reiterating its commitment to transparency, service delivery and accountability in the management of public funds.
