By Deborah Nnamdi
The Nigerian Education Loan Fund (NELFUND) has announced that it received over 550,000 loan applications within its first year of operation. This was revealed in a statement commemorating the one-year anniversary of the Fund’s launch on May 24, 2024.
The student loan initiative is a cornerstone of President Bola Tinubu’s education reform agenda. Shortly after assuming office, Tinubu signed the Access to Higher Education Act into law, providing a legal basis for offering loans to financially disadvantaged Nigerians to help cover tuition fees at tertiary institutions across the country.
The re-enacted legislation also established NELFUND, which is tasked with managing all aspects of the student loan program, including application processing, loan approval, disbursement, and repayment.
NELFUND in a statement on Saturday signed by its Director of Corporate Communications, Oseyemi Oluwatuyi said:
“This milestone reflects a bold commitment by the Federal Government 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, and over 550,000 successful loan applications; N56.85 billion disbursed to cover tuition fees and provide upkeep.”
Speaking on the anniversary, Akintunde Sawyerr, Managing Director/CE of NELFUND, 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.”
