The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦56.85 billion in student loans within one year of its launch, benefiting 298,124 students across 198 tertiary institutions in Nigeria. The loan covered both tuition fees and upkeep allowances, marking a significant milestone in the government’s efforts to eliminate financial obstacles to higher education.
Launched on May 24, 2024, by President Bola Ahmed Tinubu, the student loan initiative was part of the Renewed Hope Agenda, aimed at empowering Nigerian students through accessible and affordable education financing. According to NELFUND, ₦30.18 billion was paid directly to institutions for tuition fees, while ₦26.63 billion was disbursed as upkeep allowances to the students.
The Managing Director/Chief Executive Officer of NELFUND, Mr Akintunde Sawyerr, said in a statement marking the fund’s first anniversary that the programme has delivered on its promise to Nigerian students. “NELFUND is more than a loan scheme; it’s a bridge to opportunity, equity, and national transformation,” Sawyerr stated.
He described the fund as one of the most impactful student-focused interventions in Nigeria’s recent history and reiterated NELFUND’s commitment to deeper collaboration with institutions, state governments, and student bodies to expand the scheme’s reach and enhance the loan application experience.
Also commenting on the anniversary, Mrs Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND, provided fresh figures to underline the rapid adoption of the programme. According to her, 602,417 students have registered for the loan through the NELFUND portal, with 554,719 applications already successfully processed—representing a 92% success rate.
She noted that between May 24 and 25, 2025, the portal recorded 1,221 new successful registrants, up from 1,771, showing a 145% daily increase in successful applications. Oluwatuyi highlighted that this trend reflects growing trust and confidence in the programme among students and their families.
“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.
The fund, backed by the Federal Government, aims to remove financial constraints that prevent many young Nigerians from pursuing higher education. With over 600,000 students registered, and more than 550,000 loans processed, the fund has already reshaped access to education financing.
NELFUND has pledged to continue expanding its reach and improving the student experience, promising that no Nigerian student will be denied tertiary education due to financial challenges. The impact of the programme is already being felt in homes and schools nationwide, as more students can now focus on their studies without the stress of funding.
