The growing impact of the Nigerian Education Loan Fund (NELFUND) at the University of Ibadan (UI) has earned commendation for President Bola Ahmed Tinubu’s administration, with students describing the scheme as a significant intervention at a time of rising living and education costs.
A 600-level Veterinary Medicine student of UI, Olaiya Adewumi, recently disclosed that about 70 per cent of students of the institution are benefiting from the NELFUND student-loan scheme.
Adewumi, who is herself a beneficiary, said the N20,000 monthly upkeep allowance has helped ease the financial pressure associated with feeding, transportation, data subscriptions and other academic expenses.
Although she called for an increase in the allowance and faster disbursement, she acknowledged that the support had reduced the financial burden on students.
The development highlights the practical impact of President Tinubu’s decision to establish and strengthen a national student-financing system aimed at ensuring that financial constraints do not prevent qualified Nigerians from accessing tertiary education.
As of August 8, 2026, NELFUND had processed 1,659,853 applications and supported 319 institutions, with N192.89 billion disbursed for institutional fees and N129.80 billion for upkeep allowances. Total disbursements since the launch of the student-loan portal in May 2024 stood at N322.69 billion.
The growing reach of the scheme also reflects the work of NELFUND Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, whose leadership has focused on expanding access, strengthening digital processing and improving the administration of student financing.
For many UI students, the significance of NELFUND is no longer simply a government policy, it is financial support that is helping them remain focused on their education.
The increasing number of beneficiaries therefore represents a notable milestone for Tinubu’s education agenda and a commendable step towards building a more inclusive and sustainable system of tertiary education financing in Nigeria.
Ogene Chizoba Romanus