The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of ₦56.85 billion in upkeep allowances to more than 550,000 students across Nigeria, marking a significant milestone one year after the launch of its student loan portal.
A statement issued by Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND, disclosed that in just twelve months, over 600,000 students have registered on the portal, with more than 550,000 successful loan applications processed.
The Fund’s efforts are part of the Federal Government’s initiative to eliminate financial barriers to higher education for Nigerian youths.
“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 added.
Speaking on the anniversary, Mr. Akintunde Sawyerr, Managing Director and Chief Executive Officer of NELFUND, described the programme as more than just a loan scheme but “a bridge to opportunity, equity, and national transformation.”
He noted that the initiative, backed by President Bola Ahmed Tinubu’s Renewed Hope Agenda, has quickly become one of the most impactful student-focused interventions in the country’s recent history.
“Through continuous collaboration with educational institutions, state governments, and student bodies, NELFUND remains committed to expanding its reach and improving the student loan experience,” Mr. Sawyerr said.
NELFUND’s landmark achievement highlights the power of purposeful policy combined with strong execution to deepen access to education financing in Nigeria.
The Fund also reiterated its commitment to ensuring no Nigerian student is denied education because of financial constraints.
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