Nigerian Education Loan Fund, (NELFUND) says it has disbursed more than N200 billion to students in 270 institutions nationwide, within 23 months of its inauguration by President Bola Tinubu.
The latest figures, which indicate its growing impact in expanding access to tertiary education, show that 1,751,669 applications have been received since the portal opened in May 2024, out of which 1,164,222 students have successfully benefited from the scheme.
A breakdown of the disbursement shows that N128.84 billion has been paid directly to 270 beneficiary institutions as tuition fees, while N77.45 billion has been released to students as upkeep allowances.
The Fund has also maintained steady growth, recording 969 new applications in its most recent update, representing a 0.1 per cent increase, an indication of sustained interest and public confidence in the programme.
The Managing Director of NELFUND, Mr. Akintunde Sawyerr, assured Nigerian students that no eligible beneficiary of the education loan scheme would be barred from sitting for examinations due to financial constraints.
He further noted that while NELFUND was committed to swift disbursement, government funding necessitates strict institutional processes to prevent misappropriation.
Reacting to the success of the scheme in barely two years, the Tinubu Media Support Group (TMSG) described the achievements of NELFUND as a major milestone and a transformative intervention in Nigeria’s education sector.
Chairman of TMSG, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group said the Fund has emerged as a key driver of the Renewed Hope agenda of President Tinubu, particularly in promoting inclusive access to higher education.
RN
