The Nigerian Education Loan Fund (NELFUND) has provided financial assistance totaling N73.2 billion to 396,252 students across the country within its first year of operation, the agency’s Managing Director, Akintunde Sawyerr, has revealed.
Sawyerr made the disclosure on Thursday in Abuja during a media briefing organized to commemorate one year of the agency’s operations, following its establishment under the Student Loans (Access to Higher Education) Act, 2024.
He explained that the disbursed funds covered both tuition support—amounting to N38.3 billion—and upkeep allowances, which stood at N34.9 billion.
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“Since we opened our application portal in May 2024, we have made remarkable progress; progress that is both measurable and meaningful,” he said.
According to the NELFUND chief, the agency received over 645,692 loan applications from students across all 36 states and the Federal Capital Territory (FCT). Of these, over 396,000 students—many of whom are the first in their families to attend university—have successfully received both tuition and maintenance support.
Sawyerr emphasized that the agency has embraced technology-driven transparency, with a digital platform designed to ensure efficient loan processing and accountability.
“NELFUND has deployed a fully digital and transparent loan portal, built to global standards, to ensure seamless processing, tracking, and verification,” he stated.
The loan scheme has also been expanded beyond conventional tertiary institutions. Sawyerr noted that NELFUND is now catering to students in technical and vocational education and training (TVET) programs, aligning with Nigeria’s broader agenda for skills development and employment creation.
“Behind each of these numbers are real people, young Nigerians whose dreams were once delayed or denied by circumstances but who now carry a renewed sense of possibility,” he said.
“I have personally received letters, messages, and stories from students and parents expressing their gratitude, their relief, and perhaps most movingly, their renewed confidence in their country.”
Sawyerr attributed the success of the fund to the commitment of President Bola Ahmed Tinubu, praising him for the bold policy step that led to the creation of NELFUND.
“The establishment of NELFUND is a direct result of that vision, a vision that places the Nigerian youth at the heart of national development,” he said.
“President Tinubu’s renewed hope agenda continues to inspire bold reforms in governance.”
The Student Loans Act was signed into law in March 2024 as a landmark initiative aimed at making higher education accessible to all Nigerians, regardless of their financial background.
With growing demand and continued expansion of the loan scheme, NELFUND is now seen as a pivotal institution in addressing educational inequality and building a skilled workforce for the country’s future.
 has provided financial assistance totaling N73.2 billion to 396,252 students across the country within its first year of operation, the agency’s Managing Director, Akintunde Sawyerr, has revealed.){kind=link}