In its first year of operation, the Nigerian Education Loan Fund (NELFUND) has distributed N56.85 billion to support 298,124 students with tuition and living costs across 198 institutions in Nigeria, following its launch on 24 May 2024.
According to the latest updates from NELFUND, N30.179 billion has been allocated for tuition coverage, while N26.627 billion has been provided as upkeep allowances. Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND, revealed that out of 602,417 student registrations on the portal, 554,719 applications have been successfully processed, indicating a success rate of 92%.
During the one-year anniversary presentation, Oluwatuyi highlighted the programme’s growth, reporting a surge in registrations with 1,221 new applicants registered within just two days, representing a 145% increase in daily successful applications. She attributed this achievement to effective policy implementation.
“This initiative has eased the financial strain on families and revitalised students’ aspirations, thus facilitating their academic journeys,” she stated. This milestone reflects President Bola Tinubu’s strong commitment to enhancing access to higher education, with over 600,000 registered students and N56.85 billion disbursed within the first year.
Mr. Akintunde Sawyerr, Managing Director and Chief Executive of NELFUND, remarked, “We have fulfilled our promise to Nigerian students, transforming NELFUND into a bridge for opportunity and equity.” He noted the initiative’s swift impact and its ongoing collaboration with educational institutions and government bodies.
Mr. Mustapha Iyal, Executive Director of Operations, expressed optimism regarding NELFUND’s role as a game-changer in education access, reaffirming its commitment to ensuring that no student is denied tertiary education due to financial limitations.
