The Nigerian Education Loan Fund (NELFUND) is celebrating its first anniversary with a remarkable milestone: over 550,000 loan applications received within just one year of operation. The fund announced this achievement in a statement marking the anniversary of its launch on May 24, 2024.
NELFUND is the flagship education project of President Bola Tinubu, designed to ease financial barriers for indigent and low-income students in Nigeria’s tertiary institutions. Shortly after assuming office, President Tinubu signed the Access to Higher Education Act, providing a legal framework for the establishment of NELFUND and its mission to manage student loans effectively.
In its statement, NELFUND highlighted the program’s impressive impact: over 600,000 students have registered, and more than ₦56.85 billion has been disbursed for tuition fees and upkeep. This bold initiative reflects the Federal Government’s commitment to empowering Nigerian youth through education.
Akintunde Sawyerr, Managing Director and CEO of NELFUND, remarked, “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.”
As the fund enters its second year, it continues to strengthen access to higher education financing, ensuring more Nigerian students can pursue their academic dreams without financial constraints.
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