The Nigerian Education Loan Fund (NELFUND) has disclosed that it received over 550,000 successful applications and disbursed ₦56.85 billion in its first year of operation, offering financial assistance to students for tuition and upkeep costs.

In a statement released Saturday by NELFUND’s Director of Strategic Communications, Oseyemi Oluwatuyi, the Fund marked the anniversary of its student loan portal, launched on May 24, 2024, by highlighting the scale and impact of its operations over the past year.

“This milestone reflects a bold commitment by the Federal Government to empower Nigerian students by removing financial barriers to higher education,” the statement read.

According to NELFUND, over 600,000 students have registered on the platform since its launch, with more than 550,000 applications approved.

The disbursed funds were used to cover tuition fees and provide allowances to students across various institutions.

Speaking on the one-year milestone, NELFUND’s Managing Director and CEO, Akintunde Sawyerr, said the organisation has begun to fulfil the pledge it made to students last year.

“One year ago, we made a promise to Nigerian students. Today, we’re proud to be delivering on that promise,” he said. “NELFUND is more than a loan scheme—it is a bridge to opportunity, equity, and national transformation.”

NELFUND also pointed to its alignment with President Bola Tinubu’s Renewed Hope Agenda, describing the student loan initiative as a key component of efforts to make education more accessible.

The Fund said it has worked in collaboration with institutions, state governments, and student unions to reach more students and improve service delivery.

Looking ahead, NELFUND said its priority remains to ensure that financial constraints do not prevent any Nigerian student from accessing education.

“As NELFUND looks to the future, it remains steadfast in its mission to ensure that no Nigerian student is denied education due to financial constraints,” the statement said.