More than 500,000 Nigerian students have applied for loans through the Nigeria Education Loan Fund, NELFUND, portal in its first year of operation.
NELFUND stated that the figure was recorded within just 11 months of launching its application platform, highlighting the urgent national demand for student financing and reflecting widespread trust in the Fund’s mission to democratise access to tertiary education.
Managing Director and Chief Executive Officer of NELFUND, Akintunde Sawyerr, described the development as a symbol of renewed hope for families and students across the country. “This is more than just a number.
It’s a signal of hope for families across Nigeria. We are witnessing a nationwide demand for opportunity, and NELFUND is proud to be at the heart of this transformation,” he said in a statement issued on Friday, April 25.
Since the portal’s launch in April 2024, students nationwide have actively engaged the system to apply for both institutional loans—covering tuition and fees—and upkeep loans to support their daily living costs while in school.
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Sawyerr reaffirmed NELFUND’s commitment to ensuring transparency, accessibility, and efficiency throughout the application and disbursement process.
He also called on stakeholders across sectors to support the vision of equitable access to education for all Nigerian students.
Available data shows that over ₦22.7 billion has been disbursed in institutional loans, directly benefitting over 215,000 students so far. Created under the Student Loans (Access to Higher Education) Act, 2024, NELFUND is a government-backed initiative designed to remove financial barriers to tertiary education.
As the Fund continues to expand its operations, its early achievements reflect the increasing importance of sustainable education financing in a country where many young people still struggle to afford quality higher education.
Crediblenewsng.com
