The Nigerian Education Loan Fund (NELFUND) has disclosed that it has disbursed the sum of ₦56.85b on upkeep allowances to over 550,000 students successful loan applications.
A statement by the Director, Strategic Communications, Mrs Oseyemi Oluwatuyi, at the weekend, said in just twelve months, NELFUND has transformed access to education financing with over 600,000 students registered, and over 550,000 successful loan applications, ₦56.85 billion disbursed to cover ₦56.85 billion and provide upkeep allowances
“The Nigerian Education Loan Fund (NELFUND) proudly marks one year since the launch of its groundbreaking student loan portal on May 24, 2024. 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
• ₦56.85 billion disbursed to cover ₦56.85 billion and provide upkeep allowances”
This achievement according to the statement, 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”.
Speaking on the anniversary, Mr. Akintunde Sawyerr, Managing Director/CE of NELFUND, stated that, “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.”
“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”.
“Through continuous collaboration with institutions, state governments, and student bodies, the Fund remains committed to deepening its reach and improving the student loan experience”.
“As NELFUND looks to the future, it remains steadfast in its mission to ensure that no Nigerian student is denied education because of financial constraints”, the statement added
