The Nigeria Education Loan Fund (NELFund) has announced that it has received over 500,000 student loan applications since its launch, marking a significant milestone in 11 months of the fund’s launch.
Oseyemi Oluwatuyi, NELFund’s Director of Communications, disclosed this in a statement on Friday, noting that the achievement underscores the growing demand for financial support to access higher education in Nigeria.
Akintunde Sawyerr, NELFund’s managing director, described the milestone as “more than just a number”.
He said it represents “a signal of hope for families across Nigeria”.
Sawyerr said the fund is “proud to be at the heart of this transformation” and is witnessing a “nationwide demand for opportunity”.
The NELFund MD said this demonstrates the relevance and urgency of its mission to broaden access to tertiary education.
The fund, Oluwatuyi added, restates its commitment to transparency, accessibility, and efficiency as the application process continues.
Oluwatuyi said NELFund is also calling on all stakeholders to support the goal of equitable education for all Nigerian students.
Nigeria enacted an initial version of its current student loan policy in June 2023 to grant interest-free loans to students.
The scheme was to commence in October 2023, but implementation was repeatedly deferred until a re-enactment in April 2024.
NELFund opened the loan application portal in May 2024, at which time a pilot phase to serve federal tertiary institutions began.
Reports indicate that some students have experienced delays in the disbursement of funds, even after being approved.
This has led to situations where students are nearing exam deadlines or new academic sessions without receiving their loans.
Amounts disbursed were also sometimes inconsistent with actual school fees, creating confusion about repayment obligations.
In April 2025, a federal probe alleged that some tertiary schools were colluding with banks to shortchange student loan applicants.