The Nigerian Education Loan Fund says it has disbursed ₦73.2 billion to over 396,000 students within its first year of operations. Managing Director Akintunde Sawyerr disclosed this during a media briefing in Abuja to mark the agency’s one-year anniversary. He said the amount covered ₦38.3 billion in tuition fees and ₦34.9 billion in upkeep allowances.
The scheme, established by the Student Loans Act in March 2024, aims to improve access to higher education through inclusive and sustainable financing. Sawyerr noted that since the application portal opened in May, more than 645,000 students across Nigeria have applied for support.
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He said NELFUND has developed a fully digital loan portal to simplify application, tracking, and verification processes. The fund has also extended support to students in technical and vocational institutions, in line with national employment and skills development targets.
Sawyerr commended President Bola Tinubu for his leadership in establishing the fund, describing NELFUND as a cornerstone of the government’s renewed hope agenda.
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