The Nigerian Education Loan Fund (NELFUND) recorded over 550,000 loan applications in the agency’s first year of operation, according to data made available to the public by the student loan managers.
Akintunde Sawyerr, the managing director and chief executive officer at NELFUND affirmed this in his speech during the one year anniversary celebration of the agency, when he said, “One year ago, we launched a promise to Nigerian students.
“Today, we’re proud to be delivering on that promise. NELFUND is more than a loan scheme. It’s a bridge to opportunity, equity, and national transformation.”
Oseyemi Oluwatuyi, the director of corporate communications at NELFUND, in her speech, explained that the law, reenacted, created the Nigerian Education Loan Fund; emphasising that the agency is responsible for handling all loan requests, grants, disbursement, and recovery.
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“This milestone reflects a bold commitment by the federal government to empower Nigerian students by removing financial barriers to higher education,” she said in the statement she signed and made available to the public on Saturday.
“In just 12 months, NELFUND has transformed access to education financing with over 600,000 students registered, and over 550,000 successful loan applications; N56.85 billion disbursed to cover tuition and provide upkeep,” the statements adds.
The Nigerian Education Loan Fund was launched by President Bola Tinubu on May 24, 2024, to proffer solutions to indigent students who are facing challenges trying to meet their education financial needs.
The implementation of the student loan scheme is the President Tinubu’s flagship project in the education sector as part of his Renewed Hope initiative.
The president took the bold step to address students educational drive scarcely a month after his inauguration in office, as he signed the Access to Higher Education Act, which gives a legal framework for granting loans to indigent students, that is Nigerian students who parents are in the low-income cadre to enable them facilitate the payment of their fees in the country’s public tertiary institutions.
