On May 28, 2025, the Nigerian Education Loan Fund (NELFUND) announced the disbursement of N56.85 billion in interest-free loans to 298,124 students across 198 tertiary institutions in Nigeria, marking its first anniversary since its launch on May 24, 2024. Established under President Bola Tinubu’s administration through the Student Loans (Access to Higher Education) Act, 2024, NELFUND aims to eliminate financial barriers to higher education and vocational training. The initiative, part of Tinubu’s Renewed Hope Agenda, has supported tuition fees and upkeep allowances, with N30.18 billion allocated for institutional fees and N26.63 billion for student stipends.
Akintunde Sawyerr, NELFUND’s Managing Director, highlighted the program’s transformative impact, stating, “NELFUND is more than a loan scheme; it’s a bridge to opportunity, equity, and national transformation.” He emphasized collaboration with institutions, state governments, and student bodies to enhance the program’s reach. Oseyemi Oluwatuyi, Director of Strategic Communications, reported that 602,417 students have registered on the NELFUND portal, with 554,719 applications successfully processed, achieving a 92% success rate. Between May 24 and 25, 2025, daily successful registrations surged by 145%, from 1,771 to 1,221, reflecting growing demand.
At the current exchange rate of N1,579/$1 as of May 28, 2025, the N56.85 billion disbursed equates to approximately $36 million, underscoring the scale of the initiative. NELFUND’s funding, derived from 1% of revenues from the Federal Inland Revenue Service, Nigerian Immigration Service, and Nigerian Customs Service, as well as education bonds and donations, supports its sustainability. Loans cover tuition, fees, and living expenses, with repayment beginning two years after National Youth Service Corps completion, and provisions for loan forgiveness in cases of death or extreme hardship.
The program’s rapid growth, with over 600,000 registrations and a transparent online application process, has been praised as a game-changer for Nigerian education. However, challenges remain, including ensuring inclusivity for students with disabilities and addressing concerns about some institutions withholding disbursement information. NELFUND’s commitment to transparency and accessibility positions it as a cornerstone of Nigeria’s educational reform, with plans to expand to postgraduate and vocational students in the future.
