N56.85bn Disbursed as NELFUND Marks One Year

The Nigerian Education Loan Fund has said over 550,000 loan applications were received and N56.85 billion disbursed to cover tuition fees and upkeep allowances in one year.

The Fund made this known in a statement issued yesterday to mark one year since its launch on May 24, 2024.

The Fund said in just 12 months, it had transformed access to education financing with over 600,000 students registered, over 550,000 successful loan applications, and N56.85 billion disbursed to cover tuition fees and upkeep allowances.

The implementation of the student loan scheme was President Bola Tinubu’s flagship project in the education sector.

Barely a month after his inauguration as president, Tinubu signed the Access to Higher Education Act, which created a legal framework for granting loans to indigent or low-income Nigerians to facilitate the payment of their fees in Nigerian tertiary institutions.

The law, re-enacted, created the Nigerian Education Loan Fund.

NELFUND is responsible for handling all loan requests, grants, disbursement, and recovery.

The Fund’s Director, Strategic Communications, Oseyemi Oluwatuyi in a statement issued yesterday, said in just 12 months, it had transformed access to education financing with over 600,000 students registered, and over 550,000 successful loan applications and N56.85 billion disbursed to cover tuition fees and upkeep allowances.

It added that the milestone showed the federal government’s bold commitment to empower Nigerian students by removing financial barriers to higher education.

She said: “In just 12 months, NELFUND has transformed access to education financing with over: 600,000 students registered, and Over 550,000 successful loan applications. N56.85 billion disbursed to cover tuition fees and provide upkeep allowances.”

According to her, the 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,” she said.

Speaking on the anniversary, the Managing Director/CEO of NELFUND, Akintunde Sawyerr, 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,” he said.

He said that through continuous collaboration with institutions, state governments, and student bodies, the Fund remained committed to deepening its reach and improving the student loan experience.

He noted that NELFUND remained steadfast in its mission to ensure that no Nigerian student is denied education because of financial constraints.