NELFUND Rejects Calls to Publish Names of Student Loan Beneficiaries

The Nigerian Education Loan Fund (NELFUND) has decided against publishing the names of students benefiting from its loan scheme, citing concerns over data protection and the potential for borrowers to be embarrassed or targeted. According to NELFUND's Managing Director and Chief Executive Officer, Akintunde Sawyerr, the fund will only disclose the institutions that received payments and the number of beneficiaries, while keeping individual identities confidential.

Since the launch of its student loan portal on May 24, 2024, NELFUND has disbursed N375.28bn as of November 9, 2026, comprising N194.77bn in institutional fees and N180.50bn in upkeep allowances, covering 1,675,474 student loans across 320 beneficiary institutions. Sawyerr explained that students who borrowed money to finance their education should not have their financial circumstances made public, citing the need to protect borrowers from potential targeting.

Sawyerr identified data protection issues as a key reason for not publishing the names of individual beneficiaries, stating that borrowers may not want their financial information made public. He also noted that some people may be embarrassed by taking loans, and that publishing their names could lead to unwanted attention. As a result, NELFUND will not publish the names of individual beneficiaries.

The loans provided by NELFUND will remain interest-free for now, with Sawyerr stating that the fund has no immediate plans to introduce interest charges. He emphasized that Nigerians deserve an interest-free loan, and that the fund will continue to provide loans without interest until a decision is made to change this policy.

Sawyerr addressed concerns about the sustainability of the scheme, stating that loan recovery is only one of several funding sources available to NELFUND. He identified investments, donations, and statutory allocations as other sources of financing, adding that some beneficiaries have already begun repaying their loans. The fund is also entitled to 15 per cent of the four per cent development levy, which provides statutory support for its operations.

To prevent double payments of tuition fees, NELFUND has introduced a tokenisation system that allows students to receive electronic tokens on their phones and authorise payments directly to their respective institutions. This system gives students greater control over transactions and prevents the funds from being diverted. The tokens can only be used to pay the institution to which a student has been admitted.

NELFUND has also introduced a price dispute feature on its portal, allowing students to challenge fees before applying for loans. The fund will not finance tuition fees it considers excessive, and Sawyerr noted that NELFUND lacks the legal authority to penalise institutions over fee increases, but can withdraw financial support where necessary. The National Universities Commission, National Board for Technical Education, and National Commission for Colleges of Education are responsible for regulating the affected institutions.

Key points

• NELFUND cites data protection concerns for not publishing student loan beneficiaries' names
• The fund has disbursed N375.28bn in student loans since May 2024
• NELFUND's loans will remain interest-free for now, with no plans to introduce interest charges.