NELFUND records over 550,000 applications at first anniversary

Chief Executive Officer of NELFUND, Akintunde Sawyerr

NELFUND records over 550,000 applications at first anniversary.

The Nigerian Education Loan Fund has said over 550,000 loan applications were received in one year. The Fund made this known in a statement to mark one year since its launch on May 24, 2024.

The implementation of the student loan scheme is President Bola Tinubu’s flagship project in the education sector.

Barely a month after his inauguration as president, Tinubu signed the Access to Higher Education Act, which creates a legal framework for granting loans to indigent or low-income Nigerians to facilitate the payment of their fees in Nigerian tertiary institutions.

The law, reenacted, created the Nigerian Education Loan Fund.

NELFUND is responsible for handling all loan requests, grants, disbursement, and recovery.

“This milestone reflects a bold commitment by the Federal Government to empower Nigerian students by removing financial barriers to higher education,” NELFUND said in the statement on Saturday signed by its Director of Corporate Communications, Oseyemi Oluwatuyi.

“In just twelve months, NELFUND has transformed access to education financing with over 600,000 students registered, and over 550,000 successful loan applications; ₦56.85 billion disbursed to cover tuition fees and provide upkeep.”

Speaking on the anniversary, Akintunde Sawyerr, Managing Director/CE of NELFUND, stated, “One year ago, we launched a promise to Nigerian students. Today, we’re proud to be delivering on that promise. NELFUND is more than a loan scheme. It’s a bridge to opportunity, equity, and national transformation.”