The Nigerian Education Loan Fund (NELFUND) has celebrated its first anniversary, revealing that it has received over 550,000 loan applications since its launch on May 24, 2024. This milestone underscores the Federal Government’s commitment to improving access to higher education financing for Nigerian students.
NELFUND was established under the Access to Higher Education Act, signed into law by President Bola Tinubu shortly after his inauguration. The law provides a legal framework to offer loans to indigent and low-income Nigerians attending tertiary institutions across the country.
In a statement issued on Saturday and signed by NELFUND’s Director of Corporate Communications, Oseyemi Oluwatuyi, the agency disclosed that over 600,000 students have registered for the scheme within one year. So far, more than ₦56.85 billion has been disbursed to cover tuition fees and provide upkeep for students.
NELFUND oversees the entire process, including loan requests, approvals, disbursements, and recovery, aiming to remove financial barriers that have traditionally hindered access to higher education.
Speaking on the anniversary, Managing Director and Chief Executive Officer, 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.”
The student loan fund remains a flagship project of President Tinubu’s administration in the education sector, aimed at empowering Nigerian youth and fostering national development through education.
