The National Education Loan Fund (NELFUND) has marked a milestone in its quest to expand access to higher education in Nigeria.
In a statement on Saturday, the organisation stated that in the past year, it has processed over 550,000 loan applications, disbursing N56.85bn to cover tuition fees and provide upkeep allowances for students.
The NELFUND student loan scheme was launched on May 24, 2024, as part of the Federal Government’s Renewed Hope Agenda.
The statement signed by the Director of Strategic Communications at NELFUND, Mrs Oseyemi Oluwatuyi, disclosed since its inception, the scheme has registered over 600,000 students and has been instrumental in bridging the financial gap for many students who would have otherwise been unable to pursue higher education.
According to the Managing Director/CEO of NELFUND, Mr Akintunde Sawyerr, “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 noted that the success of the NELFUND initiative can be attributed to its commitment to collaboration with institutions, state governments, and student bodies.
“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,” it said.
