TETFund Releases Over ₦300 Billion to NELFUND for Student Loans

The Tertiary Education Trust Fund (TETFund) has released more than ₦300 billion to the Nigerian Education Loan Fund (NELFUND) to support the Federal Government’s student loan programme, highlighting the scale of public funding directed towards expanding access to higher education in Nigeria.

TETFund Executive Secretary, Arc. Sonny Echono, disclosed the figure on Friday, October 16, 2026, at the agency’s 2026 Board of Trustees National Town Hall Meeting with stakeholders in Abuja. The meeting focused on the role of tertiary education, human capital development and national progress.

Echono said the funding was intended to ease the financial burden on students and improve access to tertiary education. He also explained that TETFund had played a significant role in the establishment and operationalisation of NELFUND, describing the student loan scheme as a major initiative of President Bola Tinubu’s administration.

The development comes as the Federal Government continues to use student loans to help eligible students meet the costs of higher education. Under the scheme, institutional charges are paid to beneficiary institutions, while approved upkeep allowances are disbursed to students.

However, the scale of funding also highlights the importance of transparent administration, effective monitoring and timely disbursement to ensure that financial assistance reaches eligible beneficiaries. Students’ access to loans, the reliability of payments and the long-term sustainability of the programme remain important considerations in assessing its impact.

At the same meeting, TETFund Board of Trustees Chairman Aminu Bello Masari disclosed that the agency’s funding had increased from ₦320.3 billion in 2023 to ₦683.4 billion in 2024 and ₦1.6 trillion in 2025. He said the increased resources had supported infrastructure, research, academic programmes and improvements in learning environments across beneficiary institutions.

Masari stressed that the success of education funding should not be measured solely by the amount allocated or the number of facilities constructed, but also by the quality of graduates and their contributions to national development.

For Nigeria, the central challenge is to ensure that expanded financial support translates into improved educational access, stronger institutions and better opportunities for students. The effectiveness and sustainability of the student loan programme will depend on sound administration, accountability and consistent policy support.

TETFund has released over ₦300 billion to NELFUND for Nigeria’s student loan scheme as the government expands support for tertiary education and access to higher learning.