By Chidi Ugwu
The Chairman of the House of Representatives Committee on Student Loans, Scholarships, and Higher Education Financing, Hon. Ifeoluwa Ehindero, has stated that the Nigerian Education Loan Fund (NELFUND) has made a significant impact in breaking financial barriers to higher education for Nigerian youths.
The lawmaker, who disclosed this on Wednesday in Abuja during an interactive session with the executive members of the Association of Corporate Online Editors (ACOE), who had paid him a courtesy visit to his office, said he was satisfied with the outstanding performance of NELFUND.
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Hon. Ehindero described NELFUND as a vital interventionist agency of government that had in a few years of its establishment provided sustainable tuition support and upkeep stipends to eligible Nigerian students.
“I am quite satisfied with the overall performance of NELFUND. One has to understand that the agency is barely a year plus. NELFUND started in 2014 and today they have over a million applicants and they have disbursed over N116 Billion Naira in institutional fees and stipends to students as of October 2025. With about 983,000 beneficiaries. This is not a small feat, it’s not easy for you to take applications across over 265 beneficiary institutions in favour of 983 students in one year plus.
“It is not about applications. And these applications are not just ghost applications. These are verifiable applications. So for you to have sat down, verify 983,000 applicants, you know what it is. Now they take about 50,000, the highest they have taken in a week. So, yes, as an agency, NELFUND has done quite well. They are doing very well. I can tell you that the Managing Director works so hard and he is always out there marketing the program, making sure the program succeeds. He is working tirelessly, and I appreciate that about him.
Hon. Ehindero also commended President Bola Ahmed Tinubu’s commitment to the success of NELFUND by ensuring that the agency is fully funded.
The lawmaker further stated that the President has demonstrated an unwavering commitment to the education of Nigerian youths and urged the students to take full advantage of the loan fund.
“And of course, the President is also committed to the success of the program. The President has mandated that funds should always be available. And that the issue of no funds should not get to NELFUND. NELFUND must be properly funded so that Nigerian students won’t get stuck. And that shows the president’s commitment to education as a catalyst for national development.
“Also recently during the Tax reform, you noticed that NELFUND was properly captured under the 4% Development Levy. Out of the 4% accessible profit, TETFUND takes 50%, NELFUND takes 15%, the Nigeria Cyber Crime Commission takes 4%, Nigeria Incubation Technology Centre takes about 8% – seven of them like that. But NELFUND takes 15%.
“Compared to what NELFUND used to get, that is an increment. So it means that the President is truly committed to NELFUND. If NELFUND is given 15% it shows commitment from the President. And it means that looking at what NELFUND has done before the Tax Administration Act, it means that they are quite satisfied with their performance and it is a way of encouraging them”.
“In the areas of oversight of NELFUND by his committee, Hon. Ehindero revealed that the major challenge has to do with the management and administration of the funds by beneficial institutions.
“NELFUND as an agency has to deal with over 265 institutions. So, the challenge now is that NELFUND cannot be responsible for the actions of these instructions. NELFUND’s main objective is to accept applications, process them and disburse in favour of eligible Nigerian students. So after disbursement, the way the instructions are managed and administered funds is a different ballgame. Which is the challenge we are having right now.
“When I became Chairman of the House of Representatives Committee on Student Loans, Scholarships and Higher Education Financing, in February 2025, our oversight started with the agency to check how far they are doing, how competent they are, how transparent they are running the program, and what is the progress they have made since the creation of the agency.
“And when we get a satisfactory result, then we have to move to beneficiary institutions. So, this is where the issues are coming from. NELFUND disbursed, and institutions delay. Some have genuine reasons, some don’t have. I’ve been in contact with these instructions to make sure that they do proper verification of their students and all of that”. He stressed.
Speaking further, Hon. Ehindero urged NELFUND to make their disbursement process digitalised and ensure that the digital process gives power to the students.
He emphasised that a full digitalisation of the disbursement process would ensure transparency and accountability of the program.
“If we have a fully digitalised system that the students will have a dashboard on their own that is linked to the portal of the school, once they disburse they give you access, then you can activate on your dashboard, make payment and register your courses.
“Because the process is as it is right now, once they disburse to school, if they have not notified the students from the school, the students’ port will not be activated for registration. So NELFUND has released your money but the school has not given you access to register for courses. So even when they have paid your money, you have not registered for courses.
“Just a few schools that are engaging in these sharp practices. But we’ve been able to curb that through our oversight activities.
With our oversight, I’m happy to even tell you that about eleven (11) schools have refunded money back to NELFUND. A particular school refunded about N266 million Naira and there are still a few of them that we are still on their neck. We’ve done our due deligence and we have all the figures”. Ehindero concluded.
