The Nigerian Education Loan Fund (NELFUND) has ruled out publishing the names of students benefiting from its loan scheme, citing privacy concerns and the need to protect beneficiaries from embarrassment and possible targeting.

The Director-General of NELFUND, Akintunde Sawyerr, said the organisation would continue to disclose the institutions receiving loan payments and the total number of beneficiaries but would not make the identities of individual students public.

Sawyerr explained that some students may feel uncomfortable having their financial circumstances exposed, particularly those who depend on educational loans to pay their tuition fees and other academic expenses.

According to him, making the names public could expose beneficiaries to unnecessary embarrassment and discrimination.

He maintained that the organisation would not compromise the privacy of students in the name of transparency.

NELFUND Discloses Over N375 Billion Disbursed

Despite its decision to keep beneficiaries’ identities confidential, NELFUND has disclosed significant figures concerning the implementation of the student loan programme.

According to the latest figures released by the fund, a total of ₦375.28 billion had been disbursed as of November 9, 2026, since the student loan application portal was launched on May 24, 2024.

The amount comprises ₦194.77 billion paid towards institutional fees and ₦180.50 billion provided as upkeep allowances.

NELFUND also disclosed that 1,675,474 student loans had been disbursed across 320 beneficiary institutions.

The figures highlight the scale of the government’s student financing programme, which is designed to provide financial assistance to Nigerians pursuing tertiary education.

NELFUND Says Student Loans Will Remain Interest-Free for Now

Sawyerr also addressed concerns about whether beneficiaries would eventually be required to pay interest on the loans.

He said the fund currently had no immediate plan to introduce interest charges, stressing that the existing arrangement was designed to provide interest-free financial assistance to Nigerian students.

The NELFUND chief maintained that Nigerian students deserved access to affordable educational financing without additional interest burdens.

However, he indicated that the organisation could revisit the issue in the future if circumstances made such a discussion necessary.

He also defended the loan repayment arrangement, arguing that beneficiaries should understand their responsibility to repay after completing their education and becoming financially independent.

How NELFUND Plans to Sustain the Loan Programme

Addressing questions about the long-term sustainability of the scheme, Sawyerr explained that NELFUND would not depend exclusively on repayments from beneficiaries to continue funding students.

He identified investment returns, donations and statutory government allocations as additional sources of funding.

According to him, expanding access to education would also contribute to the country’s economic development by producing more skilled and employable Nigerians.

He argued that an educated workforce could eventually expand the country’s tax base and generate additional revenue for public services, including education financing.

Sawyerr further disclosed that some beneficiaries had already started repaying their loans, while some Nigerians had expressed interest in supporting other students by paying their educational expenses.

New Payment System Introduced to Prevent Double Payments

The NELFUND director-general also explained the introduction of a tokenisation system designed to prevent mistakes and double payments of tuition fees.

Under the arrangement, approved electronic payment tokens are sent to students through an application on their mobile phones.

Beneficiaries can then authorise the payment of their approved institutional fees directly to the school they attend.

The system is intended to give students greater control over the payment process and reduce situations where institutions receive duplicate payments.

Sawyerr also disclosed that NELFUND had introduced a price dispute feature on its new application portal.

The feature allows students to challenge institutional charges they consider unreasonable before proceeding with their loan applications.

He explained that the fund could refuse to finance disputed or excessive charges, although it does not have the legal authority to directly punish institutions over arbitrary fee increases.

What This Means for Nigerian Students

NELFUND’s latest position highlights the importance of balancing transparency in public financial programmes with the protection of individual privacy.

While the organisation is prepared to disclose the institutions receiving payments and the number of students benefiting from the scheme, individual beneficiaries will not have their identities published.

For Nigerian students struggling with the rising cost of tertiary education, the student loan programme remains an important source of financial assistance.

The latest disclosures also provide insight into the scale of the programme, its repayment expectations and the measures being introduced to improve the administration of student loans.

As more students seek financial support for their education, the sustainability, transparency and effective management of the scheme will remain important issues for the future of higher education in Nigeria.

Utelnova will continue to monitor developments concerning student loans, scholarships and other educational opportunities across Nigeria.