The Nigerian Education Loan Fund (NELFUND) has successfully disbursed N56.85 billion to assist nearly 300,000 students with their tuition and living expenses since its inception on 24 May 2024. This initiative spans 198 higher education institutions across Nigeria.
Recent figures from NELFUND indicate that N30.179 billion was allocated for institutional fees, while N26.627 billion was designated for upkeep allowances. Mrs. Oseyemi Oluwatuyi, NELFUND’s Director of Strategic Communications, reported that 602,417 students have registered for the loan programme, with 554,719 applications processed, reflecting an impressive 92% success rate.
Celebrating one year since the scheme’s launch, Oluwatuyi noted a significant uptick in registrations, with 1,221 new applicants between 24 and 25 May 2025, marking a 145% increase in daily successful applications. She credited this success to effective policy implementation.
“The student loan programme has alleviated financial burdens for families and reignited hope among students, paving the way for academic success,” she remarked. The initiative highlights President Bola Tinubu’s commitment to removing financial barriers in education, with over 600,000 registrations and N56.85 billion disbursed in just twelve months.
Mr. Akintunde Sawyerr, Managing Director of NELFUND, affirmed the scheme’s significance, stating, “NELFUND is not merely a loan programme; it is a gateway to opportunity and national progress.” He emphasised the initiative’s rapid impact on student welfare and its commitment to enhancing the loan experience through collaboration with various stakeholders.
Mr. Mustapha Iyal, Executive Director of Operations, expressed confidence in NELFUND’s potential to transform access to education for Nigerian youth, reinforcing its mission to ensure that financial obstacles do not hinder any student from pursuing higher education.
