By Emamuzo Iboma
The Nigerian Education Loan Fund (NELFUND) has successfully disbursed tuition and upkeep loans to over 396,000 beneficiaries, many of whom are first-generation students pursuing tertiary education across Nigeria.
During a media engagement on Friday, NELFUND’s Managing Director and CEO, Mr. Akintunde Sawyerr, revealed that since opening its application portal in May 2024, the fund has received more than 645,692 applications from eligible students nationwide. Sawyerr emphasized that the establishment of NELFUND is a key component of President Bola Tinubu’s Renewed Hope Agenda, which prioritizes Nigerian youth as central to national development. He disclosed that a total of ₦77,034,184,108 has been disbursed: ₦41.7 billion directly to 210 tertiary institutions for tuition fees, and ₦35.3 billion as upkeep allowances to students.
“Behind each of these figures are real young Nigerians whose dreams were once delayed or denied by circumstance, now carrying a renewed sense of hope and possibility,” Sawyerr stated.
He also highlighted the fund’s deployment of a fully digital, transparent loan portal built to international standards, ensuring smooth processing, tracking, and verification. In addition, NELFUND expanded its framework to include students in technical and vocational training institutions, aligning with national employment and skills development goals. Responding swiftly to digital wallet and banking limitations, the fund enabled account updates and migrated disbursements to commercial bank accounts, further enhancing service efficiency.
