The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of approximately ₦56.85 billion in student loans to support 298,124 beneficiaries across 198 tertiary institutions in Nigeria within its first year of operation.
The scheme, launched on 24 May 2024 by President Bola Ahmed Tinubu’s administration, forms a core part of the Renewed Hope Agenda aimed at enhancing youth development and national productivity through inclusive education financing.
According to a statement made available to The Observers Times on Tuesday, NELFUND disclosed that of the total amount disbursed, ₦30.18 billion was allocated as direct institutional tuition payments, while ₦26.63 billion went to beneficiaries as upkeep allowances. The intervention, designed to relieve the financial burden on families and reduce dropout rates, continues to gain traction as more students embrace the loan scheme.
Marking the first anniversary of the initiative, NELFUND’s Managing Director and Chief Executive, Mr Akintunde Sawyerr, described the progress as a fulfillment of a critical promise to Nigerian students.
“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,” he said.
Mr Sawyerr emphasised the rapid impact of the Fund, noting its alignment with the administration’s vision for equitable education.
“Backed by the vision of President Bola Ahmed Tinubu’s Renewed Hope Agenda, the NELFUND initiative has quickly become one of the most impactful student-focused interventions in Nigeria’s recent history,” he stated.
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He further expressed optimism about the future, stressing that the Fund remains committed to expanding its reach. “Through continuous collaboration with institutions, state governments, and student bodies, the Fund remains committed to deepening its reach and improving the student loan experience,” he said. “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.”
Speaking on the scheme’s growth, the Director of Strategic Communications at NELFUND, Mrs Oseyemi Oluwatuyi, revealed that as of May 2025, approximately 602,417 students had registered on the loan portal. Out of these, 554,719 applications had been successfully processed indicating a 92 per cent success rate.
She highlighted the continued acceleration of the scheme. “Just between Saturday and Sunday, May 24 to 25, 2025, we recorded 1,221 successful new registrants. This figure is a significant jump from 1,771 applicants previously processed, marking a 145 per cent increase in daily successful applications,” Mrs Oluwatuyi stated.
She described the initiative as a product of purposeful governance and administrative efficiency.
“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.
