Students Besiege NELFUND as 550,000 Register within One Year

The Nigerian Education Loan Fund (NELFUND) has announced that it has received over 550,000 loan applications in its first year of operation.

The milestone was disclosed in a statement signed by the Director of Corporate Communications, Oseyemi Oluwatuyi. to commemorate its one-year anniversary, which was launched on May 24, 2024.

The NELFUND was established as a result of the Access to Higher Education Act, signed into law by President Bola Tinubu barely a month after his inauguration.

The law created a legal framework for granting loans to indigent or low-income Nigerians to facilitate the payment of their fees in Nigerian tertiary institutions.

According to the statement, over 600,000 students have registered with the Fund, with over 550,000 successful loan applications processed. The Fund has also disbursed ₦56.85 billion to cover tuition fees and provide upkeep for beneficiaries.

The Managing Director/Chief Executive of NELFUND, Akintunde Sawyerr, expressed his pride in the Fund’s achievements, stating that it has “transformed access to education financing” in Nigeria. He described the NELFUND as “a bridge to opportunity, equity, and national transformation,” emphasizing its role in empowering Nigerian students by removing financial barriers to higher education.

The Director of Corporate Communications, Oseyemi Oluwatuyi, also noted that the milestone reflects the Federal Government’s commitment to empowering Nigerian students. “This milestone reflects a bold commitment by the Federal Government to empower Nigerian students by removing financial barriers to higher education,” he said.