The Nigeria Education Loan Fund (NELFUND) has said that it received over 500,000 loan applications from students of tertiary institutions in 11 months of its operation.

The Director, Strategic Communications of NELFUND, Oseyemi Oluwatuyi, disclosed this in a statement released on Friday.

NELFUND was established by the Tinubu-led Administration in 2023 to offer interest-free loans for Nigerian students to pursue higher education.

The initiative was established when the tuition fees for tertiary institutions were increasing, making tertiary education unaffordable for many.

According to Olawuyi, this figure reflects the relevance and urgency of the fund’s efforts and the need for student financing in the country.

“This is more than just a number. It is a signal of hope for families across Nigeria,” said Olawuyi.

“We are witnessing a nationwide demand for opportunity, and NELFUND is proud to be at the heart of this transformation.

She further noted that NELFUND is committed to ensuring transparency and accessibilty in student loan application processes.

Olawuyi enjoined stakeholders to support the agency’s efforts at providing equitable education for all, including people from underprivileged backgrounds.