The Nigerian Education Loan Fund (NELFUND) has confirmed disbursement of ₦56.85 billion in tuition fees and upkeep allowances since the launch of its groundbreaking student loan portal on May 24, 2024.
This is contained in a statement by Oseyemi Oluwatuyi, Director Strategic Communications issued on Saturday in Abuja.
She said the milestone reflects a bold commitment by the Federal Government to empower Nigerian students by removing financial barriers to higher education.
According to the statement, NELFUND in just twelve months has transformed access to education financing with over:
600,000 students registered, 550,000 successful loan applications, including
₦56.85 billion disbursed to cover tuition fees and provide upkeep allowances
“This achievement demonstrates the power of purposeful policy backed by strong execution. NELFUND’s student loan programme has brought relief to families, restored hope to students, and created a pathway for academic and professional success across Nigeria.
NELFUND Managing Director, Akintunde Sawyerr in the statement said
“One year ago, we launched a promise to Nigerian students. Today, we’re proud to be delivering on that promise. NELFUND is more than a loan scheme, it’s a bridge to opportunity, equity, and national transformation.”
“Backed by the vision of President Bola Ahmed Tinubu’s Renewed Hope Agenda, the NELFUND initiative has quickly become one of the most impactful student focused interventions in Nigeria’s recent history.
Through continuous collaboration with institutions, state governments, and student bodies, the Fund remains committed to deepening its reach and improving the student loan experience.
“As NELFUND looks to the future, it remains steadfast in its mission to ensure that no Nigerian student is denied education because of financial constraints,the MD assured “.