As part of efforts to eliminate financial barriers to higher education and foster human capital development, the Nigerian Education Loan Fund (NELFUND) has disbursed N56.85 billion in student loans to 298,124 beneficiaries across 198 tertiary institutions within its first year of operation.
The fund, launched on May 24, 2024, under President Bola Tinubu’s Renewed Hope Agenda, said the disbursement covered institutional tuition fees and upkeep allowances for eligible students.
According to figures released by the agency, N30.18 billion was paid directly to institutions to settle tuition obligations, while N26.63 billion was provided as living stipends to students. The announcement was made in Abuja as the fund marked its first anniversary.
Director of Strategic Communications at NELFUND, Oseyemi Oluwatuyi, disclosed that 602,417 students had registered on the loan portal so far. Of this figure, 554,719 applications, representing a 92 per cent processing success rate, were successfully reviewed and approved.
Providing a performance breakdown, Oluwatuyi noted that the scheme recorded a 145 per cent rise in successful daily registrations between May 24 and 25, 2025, increasing from 1,771 to 1,221 successful new registrants.
“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.
Oluwatuyi added that the milestone reflects a bold commitment by President Tinubu’s administration to empower students by removing financial barriers to higher education.
“In just twelve months, NELFUND has transformed access to education financing with over 600,000 students registered, over 550,000 successful loan applications and N56.85 billion disbursed to cover tuition fees and provide upkeep allowances,” she added.
Managing Director and Chief Executive Officer of NELFUND, Mr. Akintunde Sawyerr, stated that the scheme’s rapid growth underscored its significance as a driver of socio-economic transformation. He described NELFUND as a “bridge to opportunity, equity, and national transformation,” and reaffirmed the Fund’s commitment to expanding access to tertiary education.
“Backed by the vision of President Bola Ahmed Tinubu’s Renewed Hope Agenda, the NELFUND initiative has quickly become one of the most impactful students-focused interventions in Nigeria’s recent history. Through continuous collaboration with institutions, state governments, and student bodies, the Fund remains committed to deepening its reach and improving the student loan experience,” he said.
He added that the Fund would continue to evolve to ensure no qualified Nigerian is denied access to higher education due to financial limitations.
