The Nigerian Education Loan Fund (NELFUND) has announced that it recorded over 550,000 successful loan applications and disbursed ?56.85 billion to cover tuition fees and provide upkeep allowances to beneficiary students in its first year of operation.

NELFUND disclosed this in a statement issued on Saturday by its Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, to mark one year since the launch of its groundbreaking student loan portal on May 24, 2024.

“This milestone reflects a bold commitment by the Federal Government to empower Nigerian 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 and more than 550,000 successful loan applications. A total of ?56.85 billion has been disbursed to cover tuition fees and provide upkeep allowances.“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,” the statement noted.

Speaking on the anniversary, Mr. Akintunde Sawyerr, Managing Director/CEO of NELFUND, said, “One year ago, we made a promise to Nigerian students. Today, we’re proud to be delivering on that promise.

“NELFUND is more than a loan scheme—it is a bridge to opportunity, equity, and national transformation.”

The statement added that, backed by the vision of President Bola Ahmed Tinubu’s Renewed Hope Agenda, the NELFUND initiative has quickly become one of the most impactful student-focused interventions in Nigeria’s recent history.

“Through continuous collaboration with institutions, state governments, and student bodies, the Fund remains committed to expanding its reach and improving the student loan experience.

“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 Fund stated.