Exactly one year after it launched, the Nigerian Education Loan Fund (NELFUND) said it has disbursed over N56 billion in student loans to 550,000 students in tertiary institutions across the country.

In a statement marking the one-year anniversary of the student loan scheme, NELFUND spokesperson, Oseyemi Oluwatuyi, said the disbursed amount includes school fees and upkeep for students who applied.

The Fund rolled out its first application process for students on 24 May last year.

The statement explained that in the past year, the board has received applications from 600,000 students and approved over 550,000 of them.

It added that NELFUND has disbursed N56.85 billion to cover tuition and provide upkeep allowances for the approved beneficiaries.

The Managing Director of NELFUND, Akintunde Sawyerr, said the services of the Fund is more than a loan scheme.

Mr Sawyerr described it as a bridge to opportunity, equity and national transformation.

“This milestone reflects a bold commitment by the Federal Government to empower Nigerian students by removing financial barriers to higher education,” the statement said.

The Fund explained that its mission as it looks to the future is to ensure that no Nigerian student is denied education because of financial constraints.

NELFUND expressed its commitment to continuous collaboration with institutions, state governments, and student bodies to deepen its reach and improve the student loan experience.

“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,” it added.

Shortly after assuming office, President Bola Tinubu provided assent to the Access to Higher Education Act (2023) to provide interest-free loans to Nigerian students in public tertiary institutions.

The law also provided the legal framework for the establishment of NELFUND which manages applications and disburses student loans.

The Fund, according to the Act, is to be funded from multiple streams and will engage in other productive activities.

It will also be funded through donations, gifts, grants, endowments, and revenue accruing to the fund from any other source, according to the Act.

After three failed attempts, NELFUND kicked off operation in May 2024.