NELFUND disburses N57bn in loans to 298,124 students
The Nigerian Education Loan Fund has allocated nearly N56.85 billion in loans to assist 298,124 students with tuition and provide them with living allowances across 198 tertiary institutions in the country within just one year.
Initiated on May 24, 2024, by the administration of President Bola Tinubu, NELFUND is designed to enable Nigerian students by eliminating financial obstacles to higher education.
In a statement released on Tuesday, NELFUND specified that out of the total disbursed funds, N30.18 billion was paid directly as tuition fees to institutions on behalf of students, while N26.63 billion was distributed as living allowances to the beneficiaries.
Reflecting on the first anniversary, Mr. Akintunde Sawyerr, the Managing Director/Chief Executive of NELFUND, remarked, “One year ago, we made a commitment to Nigerian students. Today, we are pleased to fulfill that commitment. NELFUND is not simply a loan program; it serves as a gateway to opportunities, equity, and national growth.
“Supported by the vision of President Bola Ahmed Tinubu's Renewed Hope Agenda, the NELFUND initiative has rapidly become one of the most significant student-centered interventions in Nigeria’s recent history,” Sawyerr added, emphasizing, “Through ongoing partnerships with institutions, state governments, and student organizations, the Fund is dedicated to expanding its outreach and enhancing the student loan experience.”
He expressed hope for a more promising future for Nigerian students, calling NELFUND a significant game-changer that will grant more young people access to education.
“As NELFUND looks ahead, it remains unwavering in its goal to guarantee that no Nigerian student is barred from tertiary education due to financial limitations,” he asserted.
Celebrating the fund’s first anniversary, Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND, mentioned that approximately 602,417 students have signed up on the NELFUND portal. Among these, 554,719 applications, or 92 percent, have been successfully processed.
Oluwatuyi indicated that the empowerment initiative has experienced impressive growth. She pointed out that between May 24 and 25, 2025, there were 1,221 new successful registrants, an increase from 1,771 the day before, illustrating a 145 percent rise in daily successful applications.
She stated, “This accomplishment showcases the effectiveness of intentional policy supported by strong implementation. NELFUND’s student loan program has provided relief to families, restored hope to students, and opened pathways for academic and professional achievement throughout Nigeria.
“This milestone signifies a bold dedication by President Bola Tinubu’s administration to empower Nigerian students by eliminating financial barriers to higher education. In just one year, NELFUND has revolutionized educational financing access with over 600,000 students registered, more than 550,000 successful loan applications, and ₦56.85 billion distributed for tuition costs.
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