The Nigeria Education Loan Fund (NELFUND) has reached a significant milestone, receiving the highest number of student loan applications within 24 hours since the launch of its portal on May 25, 2024. In a statement released in Abuja on Wednesday, the fund reported a remarkable 9,687 student registrations and 7,975 completed loan applications on August 7, 2024.
The surge in applications underscores the vital role NELFUND plays in providing access to higher education for financially challenged students. “The high number of applications highlights the pressing need for financial assistance among Nigerian students,” the statement noted.
Since the portal’s launch, NELFUND has experienced a steady influx of applications, reflecting the importance of its mission to support students struggling with the costs of tertiary education. This achievement aligns with President Bola Ahmed Tinubu’s vision and actions to enhance educational access.
NELFUND has encouraged eligible students facing financial difficulties to take advantage of this opportunity. The fund boasts a streamlined application process designed to be user-friendly, supported by a dedicated team available to assist applicants.
On July 31, 2024, NELFUND released data on student loan disbursements for the first time. Managing Director Akintunde Sawyerr stated that this move was aimed at ensuring accountability.
The student loan scheme is a flagship project of President Bola Tinubu in the education sector. Shortly after his inauguration, Tinubu signed the Access to Higher Education Act, which provides a legal framework for granting loans to indigent or low-income Nigerians to pay for their tertiary education.
The law, re-enacted earlier this year, established the Nigerian Education Loan Fund, which is responsible for handling all loan requests, grants, disbursements, and recoveries. According to the act, the fund will be supported by multiple streams and will engage in other productive activities to ensure its sustainability.
