The Nigerian Training Mortgage Fund has stated it has disbursed N161.97 billion to 864,798 college students nationwide for the reason that launch of its scholar mortgage portal, as a part of efforts to broaden entry to tertiary training.
The Managing Director of NELFUND, Akintunde Sawyerr, stated this at a information convention in Abuja on Tuesday, whereas briefing journalists on the progress, impression and challenges of the scheme.
Sawyerr stated the fund, which he described as a product of President Bola Tinubu’s Renewed Hope Agenda, was established to make sure that no Nigerian scholar could be denied training due to {financial} constraints.
In line with him, the fund has to date acquired 1,361,011 mortgage functions from college students throughout the nation.
He defined that out of the N161.97 billion disbursed, N89.94 billion was paid on to 263 tertiary establishments to cowl tuition and institutional prices, whereas N72.03 billion was paid to college students as repairs allowances.
“As of at present. 1,361,011 functions have been acquired, 864,798 college students have to date benefited from the mortgage scheme, and a complete disbursement stands at N161.97 billion.
“These embrace N89.94 billion paid on to 263 tertiary establishments for tuition and institutional charges, and N72.03 billion paid on to college students as repairs allowances,” he stated.
He famous that the figures represented tangible impression on college students and households, describing them as proof of obstacles being eliminated and alternatives being created.
The NELFUND boss stated the company had, over the previous 12 months, launched into intensive sensitisation throughout tertiary establishments to enhance consciousness and entry to the scheme.
He added that the main focus would now broaden to folks, guardians, conventional rulers and faith-based establishments.
He stated this new strategy was to deepen public understanding and belief within the scheme.
“Over the past 12 months, NELFUND has additionally undertaken intensive sensitisation and engagement throughout tertiary establishments nationwide.
“We now have labored straight with college students, faculty authorities, and stakeholders to drive consciousness, understanding, and entry to the scheme.
“Nevertheless, as we transfer into this new part, we recognise that deepening impression requires broader engagement. This 12 months, our focus will broaden to a different essential group inside the NELFUND ecosystem,” he stated.
On repairs funds, the managing director disclosed {that a} reconciliation train carried out after the 2024/2025 educational session revealed that 11,685 college students had excellent repairs funds amounting to N927.98 million.
He clarified that the excellent funds weren’t resulting from withheld funds or coverage failure, however resulted from technical and operational points akin to community downtime, failed transactions and unvalidated {bank account} particulars.
He stated administration had accredited a one-time reconciliation course of to resolve the circumstances, together with direct engagement with affected college students, a grace interval for updating {bank} particulars, multi-layer validation and immediate cost upon verification.
Responding to questions on sustainability, Sawyerr stated the amended scholar mortgage legislation, elimination of guarantor necessities, inclusion of repairs allowances and the power to boost and make investments funds have been key parts supporting long-term sustainability.
He added that the fund was additionally exploring partnerships with philanthropists, company organisations and authorities companies, citing a N20 billion collaboration with the Ministry of Training on Technical and Vocational Training and Coaching for instance.
Additionally talking, the Govt Director of Operations, NELFUND, Mustapha Iyal, stated the excellent repairs represented about 11,000 out of greater than 400,000 beneficiaries within the 2024/2025 session.
Iyal stated the fund had contacted establishments to validate scholar knowledge, noting that lots of the points arose from incorrect data equipped by candidates.
In line with him, suggestions has been acquired from over 100 establishments, and cost of the excellent repairs allowances is anticipated to begin shortly.
He additionally disclosed that functions for the 2025/2026 educational session started in November, 2025, with over 200 establishments submitting up to date knowledge.
He stated about 280,000 functions had been acquired from these establishments, out of which loans had already been disbursed to greater than 150,000 college students.
He added that repairs funds for the brand new session would start in January, explaining that repairs allowances have been tied to lively educational classes and required contemporary functions every session.
On mortgage reimbursement, Iyal stated reimbursement had already commenced, with some beneficiaries who had graduated and secured employment starting to repay their loans.