The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of N56.85 billion to support 298,124 students with tuition fees and living allowances since its launch on 24 May 2024, covering 198 tertiary institutions throughout Nigeria.
Recent statistics from NELFUND reveal that N30.179 billion has been paid as institutional fees to students, while N26.627 billion has been allocated for upkeep allowances. Mrs. Oseyemi Oluwatuyi, the Director of Strategic Communications at NELFUND, stated that 602,417 students have registered for the loan programme, with an impressive 554,719 applications processed, equating to a 92% success rate.
In a presentation marking the programme’s one-year anniversary, Oluwatuyi noted significant growth, with 1,221 new successful applicants registered between 24 and 25 May 2025, reflecting a remarkable 145% increase in daily success rates. She attributed this success to the robust execution of policy initiatives.
“This programme has relieved the financial burden on families and rejuvenated students’ hopes, enabling them to pursue their academic goals,” she asserted. The achievement underscores President Bola Tinubu’s dedication to dismantling financial barriers to higher education, with over 600,000 students registered and N56.85 billion disbursed in just one year.
Mr. Akintunde Sawyerr, Managing Director and Chief Executive of NELFUND, stated, “We have stayed true to our commitment to Nigerian students. NELFUND represents more than just a loan scheme; it is a pathway to opportunity and national advancement.” He highlighted the initiative’s rapid impact and ongoing partnerships with educational institutions and government entities.
Mr. Mustapha Iyal, Executive Director of Operations, expressed his belief in a brighter future for Nigerian students through NELFUND, emphasising its mission to ensure that financial constraints do not impede access to tertiary education.