By Felix Khanoba
The Nigerian Education Loan Fund (NELFUND) has announced that it disbursed a total of N56.85 billion in tuition fees and upkeep allowances within the first year of its student loan portal.
In a statement issued on Saturday by Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications, NELFUND revealed that the milestone follows the official launch of the loan portal on May 24, 2024.
The agency said the disbursement underscores the Federal Government’s commitment to removing financial barriers to higher education and empowering students across the country.
In its first 12 months, NELFUND said it also recorded over 600,000 student registrations and processed more than 550,000 successful loan applications.
“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,” the statement said.
Speaking on the anniversary, NELFUND’s Managing Director and Chief Executive, Mr. 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.”
According to the statement, the initiative is aligned with President Bola Tinubu’s Renewed Hope Agenda and has become one of the most impactful student-focused interventions in recent times.
“Through continuous collaboration with institutions, state governments, and student bodies, the Fund remains committed to deepening its reach and improving the student loan experience,” it added.
Looking ahead, NELFUND reaffirmed its commitment to ensuring that no Nigerian student is denied access to education due to financial constraints.
