It’s exactly one year since the application portal for the student loan scheme known as the Nigerian Education Loan Fund (NELFUND) opened for undergraduates in public institutions across Nigeria. Applications for the loan began on May 24, 2024.
To mark the one-year anniversary, the management of NELFUND says it has disbursed over ₦56.85 billion, comprising institutional and upkeep loans.
In a statement signed by its Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, it was revealed that more than 550,000 students have benefited from the scheme since the portal opened to the public on May 24, 2024.
Giving a further breakdown of the figure, the communications director disclosed that the management of NELFUND received over 600,000 registrations within the 12-month period under review, where “over 550,000 successful loan applications and over ₦56.85 billion were disbursed to cover tuition fees and provide upkeep allowances” so far.
She attributed the 12-month achievement to the “power of purposeful policy backed by strong execution” by President Bola Tinubu, who, in a pragmatic move, appointed Mr. Akintunde Sawyerr as the pioneer Managing Director/CEO of the education loan scheme.
She quoted the excited MD of the Fund as saying, “Today, we’re proud to be delivering on that promise,” stating that “NELFUND is more than a loan scheme,” and describing it as “a bridge to opportunity, equity, and national transformation.”
Oluwatuyi boasted that NELFUND has quickly “become one of the most impactful student-focused interventions in Nigeria’s recent history.”
She promised that NELFUND will continue to collaborate stakeholder such as institutions, state governments, and student bodies “to deepening its reach and improving the student loan experience.”
She vowed that the education loan will continue to ensure that no Nigerian student is denied education because of financial constraints.
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