Since its inception, NELFUND has partnered with 257 tertiary institutions, including 112 public universities, 71 polytechnics, and 74 colleges nationwide. Till date, we have collected data on 2,529,679 students, including 1,932,352 university students, 407,089 polytechnic students, and 188,908 from education colleges. Moreover, we have disbursed over N10 billion to students, with N9.4 billion allocated for tuition and N839 million for living allowances. So far, 88,623 students have benefited from our scheme.
As a parent and former academic, I share the joy of countless Nigerian parents and students who have benefited from the Nigerian Education Loan Fund (NELFUND). My experience as a lecturer, which included roles as a course advisor, participation in the Dean of Student Affairs scholarship committee, and membership of the Senate of the University of Lagos, the highest decision-making body, afforded me invaluable insights into the challenges faced by students from various backgrounds, particularly those from low-income families. It has been gratifying to witness NELFUND, where I currently serve as executive director of Finance and Administration, make a significant impact on the lives of these students.
Reflecting on NELFUND’s journey, I am proud to say it has defied sceptics. In a remarkably short time, the agency has optimised its processes and consistently fulfilled its mandate. The successful implementation, transparency, and growing public support for the student loan scheme have validated its purpose and confirmed the need for its creation. NELFUND is now a trusted resource for students across Nigeria, helping to transform their aspirations into reality regardless of their background.
The report below analyses the Nigeria Education Loan Fund (NELFUND) in Nigeria, focusing on institutional participation, loan applications, and loan disbursements from its inception (April–September 2024). The analysis highlights significant regional disparities in loan application and disbursement patterns, with the North-Central zone leading. Followed closely by the South-West, the South-East recorded the lowest figures in both categories. The distribution of public universities, polytechnics and colleges of education underscore a preference for university-level education, which has the highest number, followed closely by polytechnics and colleges of education. Additionally, the report reveals a notable gender disparity in loan distribution, with 71 per cent of loans awarded to male applicants, raising concerns about inequality in access to educational funding. The data also indicates a steady rise in loan disbursements, reflecting increasing demand and responsiveness within the funding system.
PUBLIC UNIVERSITIES, POLYTECHNICS, AND COLLEGES OF EDUCATION ENLISTED ACROSS NIGERIA’S GEOPOLITICAL ZONES
Public Universities Enlisted As At 30th September, 2024
Total Number of Public Universities Enlisted: 116
Universities are the most prevalent institutions across Nigeria, forming the backbone of higher education. The South West zone leads with 24 public universities. In contrast, the North-East has only 14.
Public Polytechnics Enlisted
Total Number of Public Polytechnics Enlisted: 73
Polytechnics in the South-West have a strong presence, totalling 19 institutions. Conversely, the South-East has the fewest polytechnics at nine.
Public Colleges of Education Enlisted
Total Number of Public Colleges of Education Enlisted: 68
Public Colleges of Education, which play a vital role in teacher training, are most prevalent in the North-East, with 15 institutions. Conversely, the South-East has the lowest number of education colleges at five.
North-West Zone
Universities: 21
Polytechnics: 10
Colleges of Education: 12
The North West shows a balanced distribution, with universities being the most prevalent.
North-East Zone
Universities: 14
Polytechnics: 11
Colleges of Education: 15
In contrast, the North-East has the highest number of colleges of education, although the number of universities is relatively low.
North-Central Zone
Universities: 19
Polytechnics: 11
Colleges of Education: 14
The North-Central zone exhibits a balance among the three types of institutions, with universities leading slightly.
South-East Zone
Universities: 16
Polytechnics: 9
Colleges of Education: five
The South East has a strong university presence, but the significantly lower number of colleges of education.
South-South Zone
Universities: 22
Polytechnics: 13
Colleges of Education: seven
Similar to the South-East, the South-South zone has a high number of universities, with fewer colleges of education.
South West Zone
Universities: 24
Polytechnics: 19
Colleges of Education:15
The South-West leads in the total number of institutions across all types. With a strong presence of universities and polytechnics.
TOTAL APPLICATIONS ACROSS NIGERIA’S GEOPOLITICAL ZONES AS AT 30TH SEPTEMBER, 2024
Total Number of Applications: 267,731
GEOPOLITICAL ZONE
APPLICATIONS
NORTH-CENTRAL
44,112
SOUTH-WEST
37,109
SOUTH-SOUTH
19,431
NORTH-WEST
82,706
SOUTH-EAST
12,796
NORTH-EAST
71,577
Total Number of Applications As At 30th September, 2024: 267,731
North-West: The highest number of applications came from this zone, with 82,706, surpassing all other regions.
North-East: Following closely behind, this zone recorded 71,577 applications, ranking second overall.
North-Central: With 44,112 applications, it ranks third, though significantly lower than the top two northern zones.
South-West: Leading the southern regions, it submitted 37,109 applications, but still trails behind the northern zones.
South-South: This zone recorded 19,431 applications, almost half of the South West’s figure.
South-East: With only 12,796 applications, it ranks the lowest among all zones.
TOTAL NUMBER OF STUDENT ENROLMENTS IN PUBLIC INSTITUTIONS ACROSS NIGERIA’S SIX GEOPOLITICAL ZONES.
Total Number of Student Enrollments: 2,529,679
GEOPOLITICAL ZONE
NUMBER
NORTH-CENTRAL
651,838
SOUTH-WEST
504,463
SOUTH-SOUTH
396,201
NORTH-WEST
386,201
SOUTH-EAST
301,657
NORTH-EAST
247,114
North-Central: This zone has the highest student population, totalling 651,838.
South-West: The region follows with a student count of 504,463.
South-South: Has 396,201 students, placing it third overall.
North-West: This zone has 386,201 students, slightly fewer than the South-South.
South-East: The student population in this region stands at 301,657.
North-East: With 247,114 students, it has the lowest population among all zones.
Trend In Loan Disbursement (First to Fifth Disbursement) As at 30th September, 2024
DISBURESEMENT
AMOUNT DISBURSED
1ST DISBURSEMENT
1,172,388,340
2ND DISBURSEMENT
853,775,000
3RD DISBURSEMENT
919,763,815
4TH DISBURSEMENT
2,146,183,516
5TH DISBURSEMENT
4,318,592,628
UPKEEP
839,460,000
TOTAL
10,250,163,299.80
The first disbursement totalled ₦1,172,388,340.
The second disbursement amounted to ₦853,775,000.
The third disbursement was ₦919,763,815.
The fourth disbursement significantly increased to ₦2,146,183,516.
The fifth disbursement reached ₦4,318,592,628, marking the highest amount.
The upkeep disbursement was ₦839,460,000.
In total, the overall disbursements sum to ₦10,250,163,299.80.
Loan Distribution According to Gender
GENDER
VALUE
PERCENTAGE
MALE
₦7,277,615,942.29
71%
FEMALE
₦2,972,547,357.51
29%
Males: 71 per cent of the total loans was distributed to male applicants.
Females: 29 per cent of the total loans was distributed to female applicants.
Significant Gender Gap: There is a clear disparity in loan distribution, with males receiving a considerably larger share suggesting that males and females benefit disproportionately from loan disbursements.
Since its inception, NELFUND has partnered with 257 tertiary institutions, including 112 public universities, 71 polytechnics, and 74 colleges nationwide. Till date, we have collected data on 2,529,679 students, including 1,932,352 university students, 407,089 polytechnic students, and 188,908 from education colleges. Moreover, we have disbursed over N10 billion to students, with N9.4 billion allocated for tuition and N839 million for living allowances. So far, 88,623 students have benefited from our scheme. Recently, we registered 361,994 students, with 271,524 applying for upkeep and allowances totalling N60 billion, while 90,470 students requested loans for tuition, resulting in a total loan request of over N88 billion. Notably, the North-West has the highest loan requests at 25 per cent, followed by the North-East at 23 per cent and the North-Central at 22 per cent.
In addition to being interest-free, NELFUND’s loan processes are fully digitised, convenient, and do not require borrowers to be physically present. Borrowers must only repay 10 per cent of their salary or income once gainfully employed. Should a borrower remain unemployed for two years post-National Youth Service Corps (NYSC), NELFUND will provide them with understanding rather than pressure. In cases of permanent disability or death, the loans are forgiven. Unlike the belief that solid connections are necessary to access government services, NELFUND employs a data-driven strategy that minimises political influence and external pressures. We are setting a new benchmark for public service and rebuilding trust within the community. I firmly believe that student loans foster fairness and social justice by giving low-income students access to higher education equal to their more privileged peers.
I commend President Bola for his leadership in revitalising the loan scheme and his commitment to social justice. Alongside other government initiatives, this guarantees our children’s future and Nigeria’s. The aspirations, strength, and innovation of tomorrow’s leaders are the cornerstones of the future we envision, making education a priority under President Tinubu’s Renewed Hope Agenda. Furthermore, President Tinubu recently submitted a bill to the National Assembly to amend the Tertiary Education Trust Fund (TETFUND) Act of 2011, allowing 30 per cent of TETFUND’s revenue to be allocated to NELFUND. This move ensures the sustainability of our loan policy, benefiting Nigerian students and their families.
I firmly believe that Nigeria is on the right path. While the journey may be challenging, it promises unprecedented economic growth, renewed hope, and national prosperity. I would also like to acknowledge the exceptional efforts of NELFUND’s management, staff, and board, particularly our Chief Executive and Managing Director, Akintunde Sawyerr. Our loan scheme’s efficiency, transparency, and impact reflect his commitment to excellence. NELFUND serves as a social infrastructure of care and operates with full accountability, welcoming scrutiny from relevant anti-corruption agencies, including the Economic and Financial Crimes Commission (EFCC). Our anti-corruption track record has even led to the recovery of ₦50 billion in misappropriated funds recently returned to us by the EFCC.
At NELFUND, we prioritise the next generation and invest in their potential. We will continue building momentum, enhancing our scheme, and promoting inclusivity.
Fred Femi Akinfala is executive director, Finance and Administration, NELFUND.
The journey so far, By Femi Akinfala
As a parent and former academic, I share the joy of countless Nigerian parents and students who have benefited from the Nigerian Education Loan Fund (NELFUND). My experience as a lecturer, which included roles as a course advisor, participation in the Dean of Student Affairs scholarship committee, and membership of the Senate of the University of Lagos, the highest decision-making body, afforded me invaluable insights into the challenges faced by students from various backgrounds, particularly those from low-income families. It has been gratifying to witness NELFUND, where I currently serve as executive director of Finance and Administration, make a significant impact on the lives of these students.
Reflecting on NELFUND’s journey, I am proud to say it has defied sceptics. In a remarkably short time, the agency has optimised its processes and consistently fulfilled its mandate. The successful implementation, transparency, and growing public support for the student loan scheme have validated its purpose and confirmed the need for its creation. NELFUND is now a trusted resource for students across Nigeria, helping to transform their aspirations into reality regardless of their background.
The report below analyses the Nigeria Education Loan Fund (NELFUND) in Nigeria, focusing on institutional participation, loan applications, and loan disbursements from its inception (April–September 2024). The analysis highlights significant regional disparities in loan application and disbursement patterns, with the North-Central zone leading. Followed closely by the South-West, the South-East recorded the lowest figures in both categories. The distribution of public universities, polytechnics and colleges of education underscore a preference for university-level education, which has the highest number, followed closely by polytechnics and colleges of education. Additionally, the report reveals a notable gender disparity in loan distribution, with 71 per cent of loans awarded to male applicants, raising concerns about inequality in access to educational funding. The data also indicates a steady rise in loan disbursements, reflecting increasing demand and responsiveness within the funding system.
PUBLIC UNIVERSITIES, POLYTECHNICS, AND COLLEGES OF EDUCATION ENLISTED ACROSS NIGERIA’S GEOPOLITICAL ZONES
Public Universities Enlisted As At 30th September, 2024
Total Number of Public Universities Enlisted: 116
Universities are the most prevalent institutions across Nigeria, forming the backbone of higher education. The South West zone leads with 24 public universities. In contrast, the North-East has only 14.
Public Polytechnics Enlisted
Total Number of Public Polytechnics Enlisted: 73
Polytechnics in the South-West have a strong presence, totalling 19 institutions. Conversely, the South-East has the fewest polytechnics at nine.
Public Colleges of Education Enlisted
Total Number of Public Colleges of Education Enlisted: 68
Public Colleges of Education, which play a vital role in teacher training, are most prevalent in the North-East, with 15 institutions. Conversely, the South-East has the lowest number of education colleges at five.
The North West shows a balanced distribution, with universities being the most prevalent.
In contrast, the North-East has the highest number of colleges of education, although the number of universities is relatively low.
The North-Central zone exhibits a balance among the three types of institutions, with universities leading slightly.
The South East has a strong university presence, but the significantly lower number of colleges of education.
Similar to the South-East, the South-South zone has a high number of universities, with fewer colleges of education.
The South-West leads in the total number of institutions across all types. With a strong presence of universities and polytechnics.
TOTAL APPLICATIONS ACROSS NIGERIA’S GEOPOLITICAL ZONES AS AT 30TH SEPTEMBER, 2024
Total Number of Applications: 267,731
Total Number of Applications As At 30th September, 2024: 267,731
TOTAL NUMBER OF STUDENT ENROLMENTS IN PUBLIC INSTITUTIONS ACROSS NIGERIA’S SIX GEOPOLITICAL ZONES.
Total Number of Student Enrollments: 2,529,679
Trend In Loan Disbursement (First to Fifth Disbursement) As at 30th September, 2024
The first disbursement totalled ₦1,172,388,340.
The second disbursement amounted to ₦853,775,000.
The third disbursement was ₦919,763,815.
The fourth disbursement significantly increased to ₦2,146,183,516.
The fifth disbursement reached ₦4,318,592,628, marking the highest amount.
The upkeep disbursement was ₦839,460,000.
In total, the overall disbursements sum to ₦10,250,163,299.80.
Loan Distribution According to Gender
Males: 71 per cent of the total loans was distributed to male applicants.
Females: 29 per cent of the total loans was distributed to female applicants.
Significant Gender Gap: There is a clear disparity in loan distribution, with males receiving a considerably larger share suggesting that males and females benefit disproportionately from loan disbursements.
Since its inception, NELFUND has partnered with 257 tertiary institutions, including 112 public universities, 71 polytechnics, and 74 colleges nationwide. Till date, we have collected data on 2,529,679 students, including 1,932,352 university students, 407,089 polytechnic students, and 188,908 from education colleges. Moreover, we have disbursed over N10 billion to students, with N9.4 billion allocated for tuition and N839 million for living allowances. So far, 88,623 students have benefited from our scheme. Recently, we registered 361,994 students, with 271,524 applying for upkeep and allowances totalling N60 billion, while 90,470 students requested loans for tuition, resulting in a total loan request of over N88 billion. Notably, the North-West has the highest loan requests at 25 per cent, followed by the North-East at 23 per cent and the North-Central at 22 per cent.
In addition to being interest-free, NELFUND’s loan processes are fully digitised, convenient, and do not require borrowers to be physically present. Borrowers must only repay 10 per cent of their salary or income once gainfully employed. Should a borrower remain unemployed for two years post-National Youth Service Corps (NYSC), NELFUND will provide them with understanding rather than pressure. In cases of permanent disability or death, the loans are forgiven. Unlike the belief that solid connections are necessary to access government services, NELFUND employs a data-driven strategy that minimises political influence and external pressures. We are setting a new benchmark for public service and rebuilding trust within the community. I firmly believe that student loans foster fairness and social justice by giving low-income students access to higher education equal to their more privileged peers.
I commend President Bola for his leadership in revitalising the loan scheme and his commitment to social justice. Alongside other government initiatives, this guarantees our children’s future and Nigeria’s. The aspirations, strength, and innovation of tomorrow’s leaders are the cornerstones of the future we envision, making education a priority under President Tinubu’s Renewed Hope Agenda. Furthermore, President Tinubu recently submitted a bill to the National Assembly to amend the Tertiary Education Trust Fund (TETFUND) Act of 2011, allowing 30 per cent of TETFUND’s revenue to be allocated to NELFUND. This move ensures the sustainability of our loan policy, benefiting Nigerian students and their families.
I firmly believe that Nigeria is on the right path. While the journey may be challenging, it promises unprecedented economic growth, renewed hope, and national prosperity. I would also like to acknowledge the exceptional efforts of NELFUND’s management, staff, and board, particularly our Chief Executive and Managing Director, Akintunde Sawyerr. Our loan scheme’s efficiency, transparency, and impact reflect his commitment to excellence. NELFUND serves as a social infrastructure of care and operates with full accountability, welcoming scrutiny from relevant anti-corruption agencies, including the Economic and Financial Crimes Commission (EFCC). Our anti-corruption track record has even led to the recovery of ₦50 billion in misappropriated funds recently returned to us by the EFCC.
At NELFUND, we prioritise the next generation and invest in their potential. We will continue building momentum, enhancing our scheme, and promoting inclusivity.
Fred Femi Akinfala is executive director, Finance and Administration, NELFUND.
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