NELFUND Managing Director, Akintunde Sawyerr, disclosed the planned reform during an interview on ARISE News.

According to him, the new system will give students a digital payment token that can be used to authorise tuition payments at their institutions without giving them unrestricted access to the funds.

“We’re looking at a tokenized system where the student has the funds effectively as a token on their telephone, and when they go to the bursary, they can effectively push a button that makes the payment, and then they’re allowed to carry on with classes,” Sawyerr said.

He explained that once the system is fully implemented, NELFUND will discontinue direct payments to tertiary institutions.

“Once we are able to successfully achieve that upgrade in the system, it will mean that we no longer pay the schools; the student pays the schools but through a token,” he added.

According to Sawyerr, the reform is intended to eliminate cases where students pay their tuition before NELFUND completes payment processing, leading to duplicate payments.

He noted that the agency deliberately chose not to transfer tuition loans directly into students’ bank accounts to prevent the diversion of education funds for other purposes.

“We chose not to pay students directly for the loans because that would take us into an entirely new area where students get paid for the fees, and they can then make the decision as to whether they want to go to school or not,” he said.

Sawyerr said the student loan programme was established to ensure that qualified Nigerians are not denied access to tertiary education because of financial constraints.

He added that while upkeep allowances are paid directly to students, tuition payments will continue to be processed through controlled channels to ensure the funds are used solely for educational purposes.

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The Nigerian Education Loan Fund (NELFUND) has extended the application deadline for the 2025/2026 academic session to February 27, 2026.

The extension was announced in a statement issued in Abuja on Thursday, in which the Fund said the deadline was moved from the initial January 31, 2026, date to allow prospective applicants additional time to complete and submit their applications.

According to the Director of Strategic Communications, Oseyemi Oluwatuyi, the decision was taken to ensure that no eligible student is excluded from the process due to timing constraints.

“The Nigerian Education Loan Fund has announced an extension of the application deadline for the 2025/2026 academic session from January 31, 2026, to February 27, 2026,” the statement read in part.

Speaking on the development, the Managing Director and Chief Executive Officer of NELFUND, Akintunde Sawyerr, said the extension underscores the Fund’s commitment to inclusivity and equal access to education.

“This extension reflects our commitment to inclusivity and access. We understand that some applicants may require additional time to complete their submissions, and this decision ensures that every eligible Nigerian student has a fair opportunity to benefit from the Fund,” Sawyerr said.

NELFUND urged students who are yet to apply or complete their applications to take advantage of the extended deadline and ensure that all required information is submitted on or before February 27, 2026.

The Fund was established to administer the Nigeria Student Loan Scheme, which was signed into law by President Bola Ahmed Tinubu in April 2024. Under the initiative, the Federal Government provides interest-free loans to students in public tertiary institutions to support the payment of tuition fees and living expenses.

Applications for the scheme opened in May 2024 as part of efforts to remove financial barriers to higher education and support students from low-income backgrounds. Beneficiaries are required to repay the loans after completing their studies and securing employment.

As of January 29, 2026, a total of ₦174,561,719,810 has been disbursed under the student loan scheme.

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The Nigerian Education Loan Fund (NELFUND) has announced plans to deploy its Information Technology (IT) teams to higher institutions across the country to enable seamless integration with student portals, a move aimed at simplifying the student loan application process.

This was revealed by NELFUND’s Managing Director, Mr. Akintunde Sawyerr, during a stakeholders’ engagement and technical workshop held recently in Abuja.

According to Sawyerr, the proposed integration will allow students to apply for loans directly through their institutions’ online platforms without the need to visit the NELFUND website.

“We’re exploring the possibility of deploying our IT teams to institutions to enable direct connection with your portals. Ideally, students should be able to apply via your platforms without having to come through NELFUND, making the process smoother and more accessible,” he said.

Sawyerr emphasized the importance of collaboration with educational institutions to build a sustainable and transparent loan system that students can trust.

“We’re striving for stress-free access, a system students can trust. Transparency is key so that no applicant is left in the dark. We rely on you, our institutional partners, to help bring this vision to life,” he added.

Highlighting the core mission of NELFUND, Sawyerr said, “At the centre of all this is the student, a young Nigerian with dreams and ambition. Everything we do must serve that student. The only way forward is through collaboration, open communication, and practical solutions.”

He expressed concern over the financial difficulties faced by students, particularly in technical institutions, which often lead to high dropout rates.

“For too long, students, especially in technical institutions, have faced significant financial barriers. Many have had to drop out, while others never even considered applying. That’s the gap we at NELFUND aim to close, but we can’t do it alone,” Sawyerr stated.

He added that the Fund’s objective goes beyond disbursing loans to enabling equal educational opportunities for all Nigerian students regardless of background, location, or field of study.

Also speaking at the event, Iyal Mustapha, NELFUND’s Executive Director of Operations, disclosed that over 320,000 students have already benefited from the loan program, with more applications undergoing verification.

“We have 576,000 registrations on our portal, but only 516,000 completed applications. Some may have dropped out due to data issues or just wanted to test the system. We want to bridge this gap, and with your support, we can ensure more students access the institutional loan,” Mustapha said.

He clarified that the institutional loan, which is separate from the N20,000 monthly upkeep allowance, is disbursed directly to schools on behalf of the students.

The integration initiative is expected to enhance the efficiency and reach of the student loan system, providing more students with access to financial support for their education.

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President Bola Tinubu has approved N35 billion for the take – off of the student loan scheme.

So far, 70, 000 applications have been approved by the Nigerian Education Loan Fund (NELFUND).

Another 50, 000 applications are currently being evaluated and would be approved within 30 days.

According to the Managing Director/Chief Executive Officer, NELFUND, Akintunde Sawyerr, the funds will be disbursed based on the timetable and calendars of the academic session of each institution.

He said: “The funds will be disbursed based on the timetable and calendars of the academic session of each institution. The portal for students to apply for the loan opened on May 24, 2024.

“The portal will be permanently open because institutions don’t have a uniform calendar,” Sawyerr added.

No fewer than 1.2 million students are expected to benefit from the cardinal programme of the Tinubu administration.

Applicants are required to provide their Joint Admissions and Matriculation Board (JAMB) letter, National Identification Number (NIN), and Bank Verification Number (BVN).

Students in Federal Government-owned tertiary institutions will be the first batch of beneficiaries of the loan scheme.

Those from state-owned tertiary institutions will benefit from the scheme too.

The agency said it would start receiving applications from students in state-owned tertiary institutions from June 25, 2024.

The loan, which is an equivalent of the tuition fees of the benefitting students, would be paid directly to their institutions.

But stipends would be paid directly to beneficiaries on a monthly basis to assist them buy other things that can make them comfortable while pursuing their education.

The agency is working with 126 tertiary institutions on the scheme.

The source said: “President Bola Tinubu has graciously approved N35bn for the student loan scheme. The funds are awaiting disbursement.

“About 70, 000 applications have been approved by NELFUND management. 50, 000 applications are currently being evaluated. These applications will be approved within 30 days.

“We receive an average of 1,500 applications a day.

“Mr President has provided enough funds to accommodate every Nigerian student who desires the loan.”

President Tinubu on April 3 signed into law the bill on the scheme in line with his electoral promise that no Nigerian student would drop out of school on account of lack of funds.

According to the law, repayment will commence two years after the completion of the National Youth Service Corps (NYSC) programme.

The ambitious cardinal programme will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS).

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In a move to revolutionize access to education in Nigeria, the Federal Government, via the Nigerian Education Loan Fund (NELF), has announced the official launch date of the student loan application portal for May 24, 2024.
This significant announcement was made through a statement signed by Nasir Ayantogo, the media lead of the Fund, on Thursday night.

The statement emphasized the commitment of President Bola Tinubu to providing accessible and inclusive education for all Nigerian students, in line with his campaign promises.

This commitment materialized on June 12, 2023, when Tinubu signed the Access to Higher Education Act, 2023, into law, enabling indigent students to access interest-free loans for their educational pursuits across Nigerian tertiary institutions.

The Act, also known as the Students Loan Law, established the Nigerian Education Loan Fund to facilitate loan processing, grants, disbursement, and recovery.
Initially slated for a September launch, the scheme faced delays, ultimately leading to an indefinite postponement in early March.

Attributed to Tinubu’s directive to expand the scheme to include vocational skill loans, the delay was addressed after a briefing by the NELFUND team, led by Minister of State for Education, Dr. Yusuf Sununu, on January 22.

As a result, the portal now offers interest-free loans for students interested in skill development programs alongside academic pursuits.

The portal, accessible via www.nelf.gov.ng, boasts a user-friendly interface, enabling students to submit loan applications conveniently.

According to the statement, Ayantogo urged all eligible students to seize this opportunity to invest in their future and contribute to the nation’s growth and development.

“With the opening of the student loan portal, the Nigerian government takes a monumental step towards fostering a brighter future for its citizens, aligning with Tinubu’s vision of an education system that empowers every Nigerian student, regardless of financial constraints”, he added.

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The Director-General of the National Information Technology Development Agency (NITDA), Malam Abdullahi Kashifu Inuwa, has urged the Nigeria Education Loan Fund (NELFUND) to prioritize short courses on digital skills.

This call is very apt and timely which is a significant step forward in Nigeria’s digitalization journey especially when the country is experiencing boost in terms of technological advancements courtesy of NITDA’s giant strides.

Presently, Nigeria finds itself at a pivotal crossroads in the landscape of global technology and innovation. As the nation strives to position itself as a leader in the digital age. Therefore, the importance of equipping its populace with essential digital skills has never been more critical.

The advocacy for digital skills through student loan schemes comes at a time when Nigeria battles with the challenges and opportunities presented by the digital revolution. With the rise of emerging technologies such as artificial intelligence, blockchain, and the Internet of Things (IoT), the demand for skilled professionals capable of harnessing these innovations is on the rise.

However, the digital divide persists, with disparities in access to technology and education widening the gap between the digitally empowered and the digitally excluded.

Against this backdrop, the integration of digital skills training into student loan schemes presents a unique opportunity to democratize access to education and empower Nigeria’s youth with the tools for success in the digital economy.

By prioritizing short courses on digital skills as suggested by NITDA’s boss, NELFUND has the potential to induce a transformative shift, enabling individuals from diverse socio-economic backgrounds to acquire the technical competencies necessary to thrive in an increasingly digitized world.

Because, as the world becomes increasingly interconnected and reliant on digital infrastructure, the failure to embrace digitalization poses significant risks to Nigeria’s economic competitiveness and resilience. Without adequate digital skills and infrastructure, Nigeria risks falling behind in the global marketplace and missing out on opportunities for investment, trade, and technological advancement.

In an era where digital innovation drives productivity gains and economic growth, the stakes for Nigeria’s digital transformation are higher than ever.

Furthermore, Incorporating digital skills into student loan funds holds immense potential to revolutionize the Nigerian antiquated educational system, ushering it into the modern era of civilization. This transformative initiative not only addresses the evolving needs of the workforce but also aligns with global trends toward digital literacy and technological proficiency.

In today’s world, technological skills extend beyond computer science alone. Proficiency in digital skills in various disciplines is paramount and the importance can never be overstressed.

Digital literacy should be accorded the same importance as learning English and Math in school. Some advanced countries in Asia and Europe, Implemented Digital Skills acquisition, with more emphasis on learning programming as a Subject in Primary Secondary Education Curricula.

It is becoming increasingly evident that the global economy is swiftly transitioning from a reliance on petro-dollar to a tech-dollar economy. Even advanced nations recognize the urgency of preparing for this economic shift to ensure the continued prosperity of their economies.

Furthermore, it should be noted that digital skills have transitioned from being a luxury to becoming an essential requirement in contemporary society. As technology rapidly transforms industries and revolutionizes traditional job markets, individuals equipped with advanced digital competencies are more adept at navigating the complexity of the digital economy. This proficiency not only enhances personal prospects for employment and entrepreneurship but also contributes significantly to the overall development of the country.

On a positive note, integrating digital skills acquisition into student loan schemes can be likened to hitting two birds with one stone. Loan schemes will serve its purpose while the barriers to digital skills acquisition can also be bridged. One of which is disparities in access to digital skills acquisition between rural and urban populace. As the loan scheme will be accessible to individuals nationwide, rural residents can also experience significant growth in acquiring digital skills.

Also, the issue of accessibility and affordability of digital skills can be conquered. Many digital skills training courses are often costly, rendering them inaccessible to the larger population. By incorporating digital skills training into student loan schemes, this barrier can be addressed.

Student loan schemes are designed to assist individuals, particularly those from low-income backgrounds. Therefore, the inclusion of digital skills acquisition within student loan schemes will have far-reaching benefits for the country as a whole.

Additionally, the challenge of digital skills quality can be addressed. Some programs offer comprehensive and up-to-date training, while others may be outdated or of poor quality. Student loan schemes can play a role in ensuring the quality of digital education by establishing standards for approved training programs and requiring individuals to meet certain criteria to be eligible for funding.

Furthermore, the lack of standardized credentialing and recognition for digital skills can pose a challenge for individuals seeking to demonstrate their proficiency. Student loan schemes can help address this issue by supporting programs that offer recognized certifications or credentials upon completion. By investing in programs that offer credentials with value in the job market, student loan schemes can increase the employability of graduates and help them secure meaningful employment in the digital economy.

The integration of digital skills acquisition into student loan schemes represents a transformative approach to addressing the challenges of digital skill acquisition while simultaneously enhancing access to higher education. This innovative strategy not only equips individuals with the necessary skills to thrive in the digital age but also promotes economic growth, fosters innovation, and ensures inclusivity across diverse communities.

As the world continues to evolve technologically, it is paramount to embrace forward-thinking initiatives that empower individuals from all walks of life to harness the full potential of technology. By harnessing the power of student loan schemes to bridge the digital divide, nations can pave the way for a more equitable, prosperous, and digitally-enabled future for all.

Shuaib S. Agaka writes from the PRNigeria Centre, Kano.

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As the world shift from certificate to skill acquisition, the Director General, National Information Technology Development Agency (NITDA), Kashifu Inuwa, CCIE has advised the Nigerian Education Loan Fund (NELFUND) the administrator of the student loan initiative programme of the current administration to consider accommodating Nigerians who want to enroll in short courses that will equip them with digital skills.

Mr. Kashifu Inuwa, who made this known in Abuja while receiving a delegation from NELFUND led by the Executive Secretary Mr Akintunde Sawyer said this will empower citizens with high-in-demand global skills that will position Nigeria as a hotspot for brain export.

The purpose of the meeting was to learn, collaborate, and present a demo of the NELFUND Portal to NITDA for input.
He stated that because no one succeeds in isolation, it is important to take into cognisance., the role of the five critical stakeholders of the ecosystem and synergise with them.

He mentioned that these stakeholders include, higher institutions of learning, corporate organisations, entrepreneurs, venture capitalists, and the government.

He said, “Higher institutions of learning produce the human capital, so they need to be worked with closely because they need to understand the skills in demand; corporate organisations absorb the human capital by employing them or buying products from entrepreneurs, so if there is a gap between the institution and corporate organisation, it will be difficult to place graduates on jobs as most of our graduates cannot fit into the private sector unless undergoing these short courses.”

While acknowledging that NITDA is working with the Federal Ministry of Education to review the curriculum of tertiary institutions to meet, Inuwa said, “For Entrepreneurs, they could be students, dropouts, or anybody who has an idea that meets a need and that students should be trained with the mindset that they are acquiring certificates to create jobs and not just to seek white-collar jobs.”

He stated that venture capitalists should be encouraged to invest, as Nigeria’s technology ecosystem attracts more than 30 percent of Foreign Direct Investment (FDI).

He said, “70 per cent of that investment comes from the United States while we have Nigerians who have money; that is why we are trying to set up the seed funding for startups that will encourage indigenous venture capitalists.”

The NITDA boss commended the work put into the development of the NELFUND portal as he said the portal should be made mobile friendly as there are many people that will access the portal through their mobile phones.

He further stated, “We can organise a user acceptance test to check vulnerability to ensure that it is okay. I also want to advise that you carryout the Data Protection Compliance Test to ensure you are complying with the Nigeria Data Protection Regulations (NDPR).”

Kashifu assured NELFUND of the Agency’s commitment to giving them all the necessary support as their interest aligns with NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0).

The Executive Secretary of NELFUND Mr Sawyer said, the initiative intends to connect as many Nigerians as possible to the fund in order to obtain tertiary education and pay back after their one year mandatory National Youth Service programme.

He said, “Our mission is to strive to revolutionise higher education accessibility in Nigeria by providing interest-free loans to eligible students. We want to help as many people as possible get to the next level as it will benefit the individual, institutions, and the nation at large.”

The ES said they have come to be challenged by NITDA in other to do better, collaborate, and learn from the Agency.

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The Federal Government has announced its commitment to developing an app for student loan applications, aiming for a streamlined process. Executive Secretary Akintunde Sawyer of the Student Loan Scheme Board revealed this after a meeting with President Bola Tinubu in Abuja on Monday.

Sawyer emphasized that the app aims to eliminate human intervention, enhancing efficiency in the student loan scheme scheduled to kick off this year.

“By design, this is a perpetual programme and will not terminate. The funds, earmarked for bonafide Nigerian students, will be disbursed directly to the institutions in the initial phase through electronic transfer. Our students will be catered to in a way that bypasses human interference through the full utilisation of available technological platforms, in adherence to Your Excellency’s stated objectives,” the statement quoted him as saying.

He said NELFUND has developed a robust risk-mitigation mechanism to address potential risks that may arise from the programme.

The move aligns with Tinubu’s earlier declaration that the scheme would commence in January 2024.

During the National Economic Summit 2023 in Abuja, President Tinubu assured students, stating, “By January 2024, the new student loan must commence. To the future of our children and students, we are saying no more strikes,” signaling a commitment to addressing educational challenges.

The student loan bill, signed by President Tinubu on Nigeria’s Democracy Day, was initially proposed by Speaker Femi Gbajabiamila.

The bill, now part of Chief of Staff Gbajabiamila’s achievements, facilitates access to interest-free loans from the Nigerian Education Loan Fund, domiciled in the Ministry of Education, exclusively for indigent students in tertiary institutions.

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