The Nigerian Education Loan Fund (NELFUND) has announced that it received over 550,000 successful student loan applications and disbursed ₦56.85 billion in its first year of operation. The funds covered tuition fees and provided upkeep allowances for students across the country.
The milestone was disclosed in a statement issued on Saturday by the Fund’s Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, marking one year since the launch of its student loan portal on May 24, 2024.
According to the statement, more than 600,000 students registered on the platform, with the majority successfully accessing financial support. The Fund described the achievement as a significant step towards removing financial barriers to higher education.
Managing Director and CEO of NELFUND, Mr. Akintunde Sawyerr, said the initiative is not just a loan scheme, but a bridge to opportunity and national progress. He noted that the Fund is delivering on its promise to support Nigerian students and ease the burden on families.
Backed by the Federal Government and driven by President Bola Tinubu’s Renewed Hope Agenda, NELFUND is being recognised as one of the most impactful educational interventions in recent years. The Fund pledged to continue working with institutions, state governments, and student bodies to improve access and enhance the student loan experience.
The statement concluded with a reaffirmation of the Fund’s commitment to ensuring that no Nigerian student is denied an education due to lack of funds.
