Akintunde Sawyerr, the managing director of the Nigerian Education Loan Fund (NELFUND), says the agency has disbursed N73.2 billion to 396,252 students in one year.
Sawyerr spoke in Abuja on Thursday at a media engagement to mark one year since NELFUND became operational.
NELFUND was created in March 2024 by the Student Loans (Access to Higher Education) Act, 2024, to be Nigeria’s foremost provider of inclusive, equitable, and sustainable education financing.
Sawyerr said the amount disbursed included tuition fees—N38.3 billion—and upkeep allowance—N34.9 billion.
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“Since we opened our application portal in May 2024, we have made remarkable progress; progress that is both measurable and meaningful,” he said.
“Over 645,692 applications have been received from eligible students across Nigeria’s 36 states and the federal capital territory (FCT).
“Tuition and upkeep loans have been successfully disbursed to more than 396,252 students, many of whom are first-generation students in tertiary institutions.”
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He said NELFUND has deployed a “fully digital and transparent loan portal, built to global standards, to ensure seamless processing, tracking, and verification.”
He added that the scheme has also expanded its framework to include students in technical and vocational training institutions, aligning with the national employment and skills development goals.
“Behind each of these numbers are real people, young Nigerians whose dreams were once delayed or denied by circumstances but who now carry a renewed sense of possibility,” Sawyerr said.
“I have personally received letters, messages, and stories from students and parents expressing their gratitude, their relief, and perhaps most movingly, their renewed confidence in their country.”
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He commended President Bola Tinubu for his leadership and political will that birthed NELFUND, noting that his renewed hope agenda has not stopped inspiring bold reforms in governance.
“The establishment of NELFUND is a direct result of that vision, a vision that places the Nigerian youth at the heart of national development,” he said.
