Nigerian Education Loan Fund (NELFUND) has disbursed N56.85 billion to cover tuition fees and provide upkeep allowances to beneficiaries of the student loan scheme.
Director, Strategic Communications, NELFUND, Mrs Oseyemi Oluwatuyi, said this in a statement on Saturday to mark one year of launching the student loan scheme on May 24, 2024.
According to the statement, over 550,000 applications have been successfully processed out of 600,000 students that registered on NELFUND portal.
The statement noted that the milestone reflected a bold commitment by the Federal Government to empower Nigerian students by removing financial barriers to higher education.
It said: “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 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.”
Speaking on the anniversary, Managing Director/CE of NELFUND, Akintunde Sawyerr said: “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.”
The statement added: “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 deepening 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 because of financial constraints.”
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