The Nigerian Education Loan Fund has disbursed about N56.85bn in loans to cover tuition fees and provide upkeep allowances for 298,124 students in 198 tertiary institutions across Nigeria in one year.

NELFUND, the student loan initiative, was launched on May 24, 2024, by the administration of President Bola Tinubu to empower Nigerian students by removing financial barriers to higher education.

In a statement made available to The PUNCH on Tuesday, NELFUND provided a breakdown of the figures, which indicated that N30.18bn was disbursed as institutional fees paid to students by NELFUND, while the sum of N26.63bn was disbursed as upkeep allowance 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 a more promising and brighter future for Nigerian students, with NELFUND being a significant game-changer for improved access to 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 speaking on the first anniversary of the fund, the Director of Strategic Communications at NELFUND, Mrs Oseyemi Oluwatuyi, said about 602,417 students have registered for the loan scheme on the NELFUND portal, out of which 554,719 applications have been successfully processed, representing 92 per cent of successful applications.

In the statement marking the one-year anniversary of the student loan scheme, Oluwatuyi revealed that the empowerment initiative has continued to scale rapidly, adding that just between Saturday and Sunday, May 24 to 25, 2025, there were 1,221 successful new registrants, up from 1,771 successful applicants, representing a 145 per cent increase in daily successful applications.

He said, 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 fees and provide upkeep allowances.”