Talk about a game-changer! The Nigerian Education Loan Fund (NELFUND) has just announced some seriously impressive figures that are set to change the narrative for countless students. In just a year since its establishment, NELFUND has disbursed a staggering over N73.2 billion to a massive 396,000 students across the country through its student loan program. This is a monumental step in making education accessible to all!
The Numbers Tell the Story: A Massive Financial Boost
These incredible numbers were shared by the Managing Director of NELFUND, Akintunde Sawyerr, during a media briefing in Abuja. He broke down the disbursement with exciting clarity, showing exactly where the money is going:
- Tuition Fees: A hefty N38.3 billion has been allocated to cover tuition costs.
- Upkeep Allowances: An additional N34.9 billion has been provided to help students with their daily expenses.
This dual-pronged approach ensures that students not only get into school but also have the financial support needed to thrive once they’re there.
Sawyerr also highlighted the broad reach of the program, noting that students from a remarkable 206 tertiary institutions—spanning all 36 states and the Federal Capital Territory (FCT)—have benefited from the scheme. This is a truly nationwide initiative, leaving no corner of the country untouched.
A Wave of Applications and a Future of Hope
The demand for the loan program is overwhelming, a clear indicator of its necessity. Sawyerr shared that since the application portal opened in May 2024, they have received over 645,692 applications from eligible students.
“We have made remarkable progress that is both measurable and meaningful,” he explained. The fact that loans have been successfully disbursed to more than 396,252 students is a testament to the program’s efficiency and impact.
This initiative is particularly significant for many who are first-generation students in tertiary institutions. For them, this loan isn’t just about money; it’s about breaking cycles of poverty and opening doors to a future they might never have imagined.
NELFUND’s success in its first year is a powerful statement of commitment to accessible education, proving that with the right support, the dreams of hundreds of thousands of Nigerian students can become a reality.
 has disbursed over N73.2 billion to 396,000 students in one year, with funds allocated for both tuition and upkeep allowances.){kind=link}