The Nigerian Education Loan Fund (NELFUND) has announced that it received over 550,000 loan applications within its first year of operation.
The announcement was made in a statement marking the first anniversary of the Fund’s launch on May 24 2024.
The student loan initiative is a flagship programme of President Bola Tinubu’s administration in the education sector.
Shortly after his inauguration, President Tinubu signed the Access to Higher Education Act into law, establishing a legal framework for granting loans to indigent and low-income Nigerians to support the payment of fees in tertiary institutions across the country.
The law also led to the creation of NELFUND, which is tasked with overseeing all aspects of the student loan scheme, including loan application, approval, disbursement, and recovery.
“This milestone reflects a bold commitment by the Federal Government to empower Nigerian students by removing financial barriers to higher education,” NELFUND stated on Saturday in a statement signed by NELFUND’s Director of Corporate Communications, Mr Oseyemi Oluwatuyi.
According to the Fund, in the first twelve months of operation, over 600,000 students registered on the platform, with more than 550,000 applications successfully processed. A total of ₦56.85 billion was disbursed to cover tuition fees and provide upkeep support for beneficiaries.
Commenting on the anniversary, the Managing Director and Chief Executive Officer of NELFUND, Mr Akintunde Sawyerr, said, “One year ago, we launched a promise to Nigerian students. Today, we are proud to be delivering on that promise. NELFUND is more than a loan scheme; it is a bridge to opportunity, equity, and national transformation.”
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