THE Nigeria Education Loan Fund (NELFUND) said over 500,000 students applied for its loans in the past eleven months.
NELFUND, in a statement on Friday, April 25, by its Director of Corporate Communications, Oseyemi Oluwatuyi, said the organisation had reached a landmark in its first year of operation.
According to the statement, the success achieved within a year of its activities shows the crucial need for available student financing in Nigeria and highlights the across-the-board trust in NELFUND’s mission to democratise access to tertiary education.
The Managing Director and Chief Executive Officer of NELFUND, Akintunde Sawyerr, was quoted as saying that the initiative was a beacon of hope for Nigerian families, driven by a nationwide demand for opportunity, with NELFUND playing a key role in the transformation.
“This milestone represents more than numbers – it reflects real hope for Nigerian families. It shows that students across the country are eager for opportunities, and NELFUND is proud to be playing a central role in making those dreams possible.”
He added, “We are witnessing a nationwide demand for opportunity, and NELFUND is proud to be at the heart of this transformation.”
The NELFUND reports strong student engagement with its loan application process, reaffirming its commitment to transparency, accessibility, and efficiency, and invites stakeholders to support its mission for equitable education.
The ICIR reported in February 2025 that NELFUND revealed that 192,906 students had benefited from the fund since its launch in 2024.
A statement by NELFUND, on Monday, February 3, via its X handle, stated that as of that day, it had received 364,042 applications.
Out of the number, N20 billion (N20,074,050,000) was disbursed for institutional fees, which directly benefited 192,906 students across various tertiary institutions.
The statement added that in addition to institutional fees, N12,818,960,000 was allocated for 169,115 students’ upkeep, who each receive a monthly stipend of N20,000.
President Bola Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill into law on Wednesday, April 3, 2024, following approval by the Senate on Wednesday, March 20.
Although the Act is touted to ease access to tertiary education for Nigerian students, members of the Academic Staff Union of Universities (ASUU) have continued to describe it as an attempt by the government to abandon public universities’ funding.
A reporter with the ICIR
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