The Nigerian Education Loan Fund has disbursed approximately N56.85 billion in loans to support tuition fees and provide upkeep allowances for 298,124 students across 198 tertiary institutions nationwide within one year.

Launched on May 24, 2024, by President Bola Tinubu’s administration, NELFUND aims to empower Nigerian students by removing financial barriers to higher education.

In a statement on Tuesday, NELFUND detailed that out of the total funds disbursed, N30.18 billion was paid directly as institutional fees on behalf of students, while N26.63 billion was given as upkeep allowances to the beneficiaries.

Speaking on the first anniversary, Managing Director/Chief Executive of NELFUND, Mr 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.

“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,” Sawyerr further stated, adding, “Through continuous collaboration with institutions, state governments, and student bodies, the Fund remains committed to deepening its reach and improving the student loan experience.”

He expressed optimism about a brighter future for Nigerian students, describing NELFUND as a major game-changer that will improve access to education for more young people.

“As NELFUND looks to the future, it remains steadfast in its mission to ensure that no Nigerian student is denied tertiary education because of financial constraints,” he stated.

Also marking the fund’s first anniversary, the Director of Strategic Communications at NELFUND, Mrs. Oseyemi Oluwatuyi, stated that about 602,417 students have registered on the NELFUND portal. Of these, 554,719 applications—representing 92 percent—have been successfully processed.

Oluwatuyi revealed that the empowerment initiative has continued to grow rapidly. She noted that between Saturday and Sunday, May 24 to 25, 2025, there were 1,221 new successful registrants, up from 1,771 the previous day, representing a 145 percent increase in daily successful applications.

He said, “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.

“This milestone reflects a bold commitment by the administration of President Bola Tinubu to empower Nigerian students by removing financial barriers to higher education. In just twelve months, NELFUND has transformed access to education financing with over 600,000 students registered, over 550,000 successful loan applications, and ₦56.85 bn disbursed to cover tuition.