The Nigerian Education Loan Fund (NELFUND) has disbursed tuition and upkeep loans to 396,252 students across Nigeria, many of whom are first-generation undergraduates.
The disbursement follows the launch of the NELFUND digital portal in May 2024. So far, the fund has received over 645,000 applications from eligible students in all 36 states and the FCT.
According to NELFUND's Managing Director, Akintunde Sawyerr, the initiative is helping remove financial barriers for young Nigerians seeking higher education and vocational training. Of the total ₦77 billion disbursed so far, ₦41.7 billion was paid directly to 210 tertiary institutions for tuition, while ₦35.3 billion was allocated to students as upkeep allowance.
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"Behind each of these numbers are real people—young Nigerians whose dreams were once delayed or denied by circumstance," Sawyerr said.
To ensure transparency and speed, the fund operates a fully digital loan platform, allowing for seamless processing, tracking, and verification. The platform has since been expanded to include students in technical and vocational institutions, aligning with Nigeria's broader skills development and youth employment goals.
NELFUND also addressed early issues with digital wallets by enabling account updates and redirecting payments to students' commercial bank accounts.
The fund is a core part of the federal government's Renewed Hope Agenda, which prioritizes youth access to education, skills, and long-term economic empowerment.
