The Nigerian Education Loan Fund, NELFUND, has announced a major milestone, marking one year since the launch of its landmark student loan portal on May 24, 2024.
The Fund said over 550,000 successful loan applications have been recorded within the first year of operations.
In a statement commemorating the anniversary, Director of Strategic Communications at NELFUND, Mrs. Oseyemi Oluwatuyi, described the development as a significant step in the Federal Government’s effort to eliminate financial barriers to higher education.
“In just twelve months, NELFUND has transformed access to education financing, with over 600,000 students registered and more than 550,000 successful loan applications. A total of N56.85 billion has been disbursed to cover tuition fees and provide upkeep allowances,” Oluwatuyi said.
She noted that the achievement underscores the impact of effective policy and implementation, adding that the initiative has brought relief to families, renewed hope for students, and opened doors to academic and professional success nationwide.
Managing Director/Chief Executive Officer of NELFUND, Mr. Akintunde Sawyerr, also reflected on the journey, stating that “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.”
She said the Fund, anchored on President Bola Ahmed Tinubu’s Renewed Hope Agenda, has quickly emerged as one of the most impactful student-centered interventions in recent years.
Through ongoing collaboration with institutions, state governments, and student organizations, NELFUND says it remains committed to broadening its reach and enhancing the loan experience for beneficiaries.
“As we look to the future, our mission remains clear: no Nigerian student should be denied education due to financial constraints,” the statement added.
