Education
NELFUND Disburses N161.97bn to 864,798 Students in 500 Days
By Adedapo Adesanya
The Nigerian Education Loan Fund (NELFUND) has disbursed N161.97 billion to 864,798 students nationwide since the inauguration of its student loan portal on July 17, 2024, as part of efforts to expand access to tertiary education.
The Managing Director of NELFUND, Mr Akintunde Sawyerr, while briefing journalists on the progress, impact and challenges of the scheme under the President Bola Tinubu’s Renewed Hope Agenda, said it was established to ensure that no Nigerian student was denied education because of financial constraints.
According to him, the fund has so far received 1,361,011 loan applications from students across the country.
He explained that out of the N161.97 billion disbursed, N89.94 billion was paid directly to 263 tertiary institutions to cover tuition and institutional charges, while N72.03 billion was paid to students as upkeep allowances.
“As at today, 1,361,011 applications have been received, 864,798 students have so far benefited from the loan scheme, and total disbursement stands at N161.97 billion.
“These includes N89.94 billion paid directly to 263 tertiary institutions for tuition and institutional fees, and N72.03 billion paid directly to students as upkeep allowances,” he said.
He noted that the figures represented tangible impact on students and families, describing them as evidence of barriers being removed and opportunities being created.
The NELFUND boss said the agency, had over the last year, embarked on extensive sensitisation across tertiary institutions to improve awareness and access to the scheme.
He added that the focus would now expand to parents, guardians, traditional rulers and faith-based institutions.
He said this new approach was to deepen public understanding and trust in the scheme.
“Over the last year, NELFUND has undertaken extensive sensitisation and engagement across tertiary institutions nationwide.
“We have worked directly with students, school authorities, and stakeholders to drive awareness, understanding, and access to the scheme.
“However, as we move into this new phase, we recognise that deepening impact requires broader engagement.
“So this year, our focus will expand to another very important group within the NELFUND ecosystem,” he said.
On upkeep payments, the managing director disclosed that a reconciliation exercise carried out after the 2024/2025 academic session revealed that 11,685 students had outstanding upkeep payments amounting to N927.98 million.
He clarified that the outstanding payments were not due to withheld funds or policy failure, but resulted from technical and operational issues.
He said such issues include network downtime, failed transactions and unvalidated bank account details.
He also said that the NELFUND management had approved a one-time reconciliation process to resolve the cases, including direct engagement with affected students.
He further said that a grace period for updating bank details, multi-layer validation and prompt payment upon verification had also been approved.
Responding to questions on sustainability, Mr Sawyerr said that the amended student loan law removal of guarantor requirements, inclusion of upkeep allowances and the ability to raise and invest funds were key elements supporting long-term sustainability.
He added that NELFUND was also exploring partnerships with philanthropists, corporate organisations and government agencies, citing a N20 billion collaboration with the Ministry of Education on Technical and Vocational Education and Training (TVET) as an example.
Also speaking, the Executive Director of Operations, NELFUND, Mr Mustapha Iyal, said that outstanding upkeep represented about 11,000 out of more than 400,000 beneficiaries in the 2024/2025 session.
Mr Iyal said NELFUND had contacted institutions to validate student data, noting that many of the issues arose from incorrect information supplied by applicants.
According to him, feedback has been received from over 100 institutions, and payment of the outstanding upkeep allowances is expected to commence shortly.
He also disclosed that applications for the 2025/2026 academic session began in November, 2025, with over 200 institutions submitting updated data.
He said about 280,000 applications had been received from those institutions, out of which loans had already been disbursed to more than 150,000 students.
He added that upkeep payments for the new session would begin in January, explaining that upkeep allowances were tied to active academic sessions and required fresh applications each session.
On loan repayment, Mr Iyal said repayment had already commenced, with some beneficiaries who had graduated and secured employment beginning to repay their loans.
By Adedapo Adesanya
The Nigerian Education Loan Fund (NELFUND) has granted another extension for its Student Loan Application Portal to accommodate institutions that requested additional time for the 2025/2026 academic session.
According to the statement signed by NELFUND’s Director of Strategic Communications, Ms Oseyemi Oluwatuyi, on Thursday, the extension applies only to institutions that submitted formal requests, allowing eligible students extra time to complete their applications.
“The Nigerian Education Loan Fund has approved an extension of its Student Loan Application Portal for institutions that have formally requested additional time for the 2025/2026 academic session,” the statement read.
Business Post reports that at the beginning of March, NELFUND announced an extension to the deadline by a week for its student loan application portal following a notable rise in nationwide interest driven by ongoing awareness campaigns.
Speaking on the development, NELFUND Managing Director and Chief Executive Officer, Mr Akintunde Sawyerr, reiterated the Fund’s commitment to ensuring that eligible students at participating institutions can access the student loan programme.
“NELFUND remains committed to ensuring that eligible students across participating institutions have the opportunity to access the student loan programme,” he said.
The Fund urges students in affected institutions to take advantage of the extension and submit their applications through the official portal.
It also emphasised its dedication to transparency, accountability, and providing sustainable financing solutions to remove financial barriers to higher education in Nigeria.
Established to administer the Nigeria Student Loan Scheme, NELFUND was enacted into law by President Bola Tinubu in April 2024.
The initiative provides interest-free loans to students in public tertiary institutions to cover tuition and living expenses.
Beneficiaries are required to repay the loans after completing their education and securing employment, aiming to increase access to higher education for students from low-income backgrounds.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has inaugurated a Curriculum Review Committee aimed at strengthening taxation education in Nigerian academic institutions and improving the country’s tax administration system.
According to a statement, the committee was inaugurated on February 24, at the NRS Academy in Durumi as part of the agency’s broader efforts to modernise tax education and align academic training with the evolving demands of contemporary tax administration.
Speaking during the inauguration, the Director of the NRS Academy, Mr Adeolu Akinyemi, said the review exercise would involve collaboration with the Chartered Institute of Taxation of Nigeria (CITN) to develop a more structured and relevant curriculum for the academy.
He emphasised that the initiative seeks to ensure that taxation programmes taught in Nigerian institutions reflect current developments in tax policy and practice, while also equipping students with the practical knowledge required in today’s tax administration environment.
The committee has been tasked with examining existing taxation curricula across Nigerian institutions and proposing updates that incorporate modern tax policies, recent legislative changes, and emerging areas such as digital taxation and global tax practices.
Officials say the review is also designed to close the gap between theoretical classroom instruction and the practical realities of tax administration.
By strengthening the link between academic learning and professional practice, the revised curriculum is expected to better prepare graduates for careers in the tax sector.
The effort is further expected to enhance tax awareness among citizens, encourage voluntary tax compliance, and support the development of skilled tax professionals who can contribute to national revenue generation and economic growth.
The committee is chaired by Mrs Aisha Hamman Mahmoud, Special Adviser to the Executive Chairman of the NRS on Research and Statistics. Its membership includes representatives from the service as well as academic experts in taxation and fiscal policy, alongside professionals with experience in tax administration, policy formulation, and tax education.
The committee will work with relevant educational regulatory agencies and professional bodies to ensure that the proposed curriculum aligns with national academic standards while addressing the practical needs of Nigeria’s tax system.
The NRS stated that the initiative forms part of its ongoing commitment to expanding tax knowledge, strengthening professional capacity, and promoting responsible tax practices across the country.
The curriculum review exercise is expected to be completed within 60 days, after which the Service plans to provide further updates on the implementation of the revised programme.
By Modupe Gbadeyanka
The first batch of Nigerian undergraduates to enjoy fully paid scholarships for studying science, technology, engineering and mathematics (STEM) courses across the continent has been chosen by Airtel Africa Foundation.
Business Post gathered that 70 students from universities across Nigeria were selected from thousands of applicants through an independently managed process, which took nearly six months.
It was learned that most of the undergraduates were from the University of Lagos (UNILAG), Obafemi Awolowo University (OAU) Ile-Ife, the University of Benin (UNIBEN), Tai Solarin University of Education (TASUED), the University of Ilorin, Ahmadu Bello University (ABU Zaria), and the University of Nigeria (UNN).
The scholarship covers tuition, laptop computers, living expenses, and essential learning resources, a statement from Airtel Africa Foundation disclosed.
The chairman of the foundation, Mr Segun Ogunsanya, speaking at the presentation of the scholarships to the beneficiaries at the Lagos headquarters of Airtel Nigeria, emphasised the need for initiatives such as the Airtel Africa Foundation’s undergraduate tech scholarship for the future of the continent.
“True legacy is not measured by the awards we win or the volume of SIM cards we sell; it is measured by the lives we save, the people we feed, and the students we support when the line between success and failure is at its thinnest.
“At the Airtel Africa Foundation, we believe that lifting people out of poverty is the ultimate benchmark of a great company. Today, we are writing that legacy by tilting the balance in favour of the brilliant but underserved, ensuring that the fourth industrial revolution, driven by AI and Data Science, is built by African talent for the African continent,” he stated.
Mr Ogunsanya further revealed that this fellowship, executed through Airtel Nigeria, is designed to bridge the gap where funding, skills, and opportunity often fail to meet.
In addition to the N500,000 yearly budget for the fellows’ four-year or five-year courses, each fellow would be integrated into a structured support system for academic guidance and career mentorship, intended to ultimately transition students from the classroom to the global tech workforce.
Addressing the students, the chief executive of Airtel Nigeria, Mr Dinesh Balsingh, stressed that youth development is a strategic imperative for Airtel.
“At Airtel Nigeria, we view youth development as essential nation-building. When young people succeed, innovation accelerates, and social stability improves.
“By connecting these brilliant scholars to knowledge, skills, and confidence, we are fulfilling our core mission to connect people to opportunity. To our recipients: you earned your place here through merit and discipline. You are now ambassadors of excellence, and we expect your leadership to be defined by your conduct as you help shape a more inclusive digital future for Nigeria,” the Airtel Nigeria chief said.
The Nigerian cohort joins a prestigious network of Airtel Africa Foundation fellows currently studying in Tanzania, the Democratic Republic of Congo (DRC), Uganda, and India.
The initiative underscores a broader commitment to technology education, youth development, and Nigeria’s digital economy.
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