Nigeria Education Loan Fund Records Surge in Applications

The Nigeria Education Loan Fund (NELFUND) announced a record number of student loan applications within 24 hours on August 7, 2024, marking a significant milestone since the launch of its portal on May 25, 2024.

In a statement released in Abuja, NELFUND reported receiving 9,687 student registrations and 7,975 completed loan applications on that day. This surge underscores the critical role NELFUND plays in enabling 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 said. NELFUND has seen a steady influx of applications since the portal’s opening, emphasizing its mission to support students struggling with tertiary education financing. This achievement aligns with President Bola Ahmed Tinubu’s vision and actions in the education sector.

NELFUND encouraged eligible students facing financial difficulties to take advantage of this opportunity. The fund’s streamlined application process is designed to be user-friendly, with a dedicated support team available to assist applicants.

On July 31, 2024, NELFUND released data supporting disbursements of student loans for the first time, a move aimed at ensuring accountability, according to its Managing Director, Akintunde Sawyerr.

The implementation of 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, creating a legal framework for granting loans to low-income Nigerians to facilitate payment of their fees in tertiary institutions. The law established NELFUND to handle all loan requests, grants, disbursements, and recovery, funded from multiple streams and engaging in other productive activities.