ABUJA, Nigeria (VOICE OF NAIJA)-The Nigerian Education Loan Fund (NELFUND) has disbursed approximately N56.85 billion in student loans, covering tuition and upkeep allowances for 298,124 students across 198 tertiary institutions in Nigeria.
Established by President Bola Tinubu’s administration, the student loan initiative launched on May 24, 2024 is designed to eliminate financial obstacles for Nigerian students seeking higher education.
According to a statement release NELFUND detailed the disbursement figures, revealing that N30.18 billion was allocated as institutional fees, while N26.63 billion was disbursed as upkeep allowances to the beneficiaries.
Marking the scheme’s one-year anniversary, NELFUND’s Managing Director/Chief Executive, Mr. Akintunde Sawyerr, stated, “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.”
Sawyerr emphasized the programme’s alignment with President Tinubu’s “Renewed Hope Agenda,” describing it as “one of the most impactful student-focused interventions in Nigeria’s recent history.”
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He further highlighted NELFUND’s ongoing partnerships with institutions, state governments, and student bodies to enhance the scheme’s reach and user experience.
Looking ahead, Sawyerr reaffirmed the fund’s long-term mission “As NELFUND looks to the future, it remains steadfast in its mission to ensure that no Nigerian student is denied tertiary education because of financial constraints.”
Also speaking on the anniversary, NELFUND’s Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, disclosed that 602,417 students have registered on the loan portal, with 554,719 applications successfully processed representing a 92% success rate.
Oluwatuyi also noted the programme’s rapid growth, stating that between Saturday and Sunday, May 24–25, 2025, there were 1,221 new successful registrants a significant jump from 1,771 applicants, marking a 145% increase in daily successful applications.
“This achievement demonstrates the power of purposeful policy backed by strong execution. 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,” she said.
Highlighting the scheme’s broader impact, Oluwatuyi added, “This milestone reflects a bold commitment by the administration of President Bola Tinubu to empower Nigerian students by removing financial barriers to higher education.
In just twelve months, NELFUND has transformed access to education financing with over 600,000 students registered, over 550,000 successful loan applications, and N56.85 billion disbursed to cover tuition fees and provide upkeep allowances.”