In a significant stride toward educational empowerment, the Nigerian Education Loan Fund (NELFUND) has disbursed a total of N56.85 billion in student loans within its first year of operation, benefiting 298,124 students across 198 tertiary institutions nationwide.
This initiative reflects President Bola Tinubu’s commitment to removing financial barriers and enhancing access to higher education.
Since its launch on May 24, 2024, NELFUND has allocated N30.18 billion toward tuition fees and an additional N26.63 billion as upkeep allowances to students.
The loan scheme has attracted over 600,000 registrations, with more than 550,000 applications successfully processed, achieving a 92% approval rate, according to Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND.
Highlighting recent growth, Mrs. Oluwatuyi noted a sharp increase in daily successful applications, with a 145% rise recorded between May 24 and 25, 2025, demonstrating the programme’s expanding reach and impact.
“This achievement showcases the effectiveness of purposeful policy and dedicated execution,” Oluwatuyi said. “NELFUND has restored hope to families and paved the way for academic success across Nigeria.”
NELFUND’s Managing Director, Mr. Akintunde Sawyerr, described the loan scheme as “more than a financial aid programme; it is a bridge to opportunity, equity, and national transformation.”
He credited the initiative’s rapid progress to President Tinubu’s Renewed Hope Agenda and underscored ongoing partnerships with educational institutions and government agencies aimed at enhancing the loan experience.
Executive Director of Operations, Mr. Mustapha Iyal, expressed confidence that NELFUND would continue to serve as a vital tool in expanding educational access. “Our mission remains clear: no Nigerian student should be denied tertiary education due to financial challenges,” he affirmed.
With these milestones, NELFUND has firmly positioned itself as a key catalyst in Nigeria’s education sector, promising brighter futures for countless young Nigerians.
