NELFUND Releases ₦20 Billion to 92,906 Students
The Nigerian Education Loan Fund (NELFUND) today welcomed a high-level delegation from the Renewed Hope Administration in a strategic engagement focused on expanding access to interest-free student loans and accelerating the development of Nigeria’s education sector.
The delegation, led by Prince Ade Omole (Director of Diaspora Mobilisation, Renewed Hope Global Tour), was accompanied by Prince Adewale Akinleye and Hon. Aisha Oluwakemi Ololade. They were warmly received by NELFUND’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, and the Director of Strategy and Communications, Mrs. Oluwatuyi Oseyemi.
The closed-door meeting centred on deepening collaboration between NELFUND and the Renewed Hope Administration, with both parties recognising quality education as the bedrock of sustainable national development and economic prosperity.
Historic Milestone: Over One Million Nigerian Students Empowered
During the engagement, Prince Ade Omole applauded the exceptional leadership of Mr. Akintunde Sawyerr and the entire NELFUND team for achieving the historic feat of disbursing education loans to more than one million Nigerian students within a remarkably short period.
He described the milestone as a “monumental boost to Nigeria’s human capital development” and clear evidence of the purposeful and people-centred governance of President Bola Ahmed Tinubu’s administration.
“This landmark accomplishment is not just a number; it represents the dreams, aspirations, and futures of over one million young Nigerians who can now pursue tertiary education without financial barriers. It is a testament to what focused leadership and collective resolve can achieve,” Prince Omole stated.
He further emphasised that the success of NELFUND validates the transformative vision embedded in the Renewed Hope Agenda, particularly its commitment to inclusive education, youth empowerment, and long-term national development.
NELFUND Reaffirms Commitment to Transparency and Accountability
In his response, Mr. Akintunde Sawyerr expressed profound gratitude for the visit and the kind words from the Renewed Hope delegation. He reiterated that transparency, accountability, efficiency, and impactful service delivery remain the guiding principles of NELFUND under his leadership.
“Every kobo disbursed by NELFUND is a sacred trust from the Nigerian people. We are determined to ensure that the Fund continues to operate with the highest standards of integrity so that no eligible Nigerian student is denied access to education because of financial constraints,” Mr. Sawyerr affirmed.
He also commended the Renewed Hope Global Tour team for their outstanding work in projecting the achievements of President Tinubu’s administration across the world. He particularly praised their professionalism, dedication, and genuine passion for Nigeria’s progress.
Strengthening Partnership for Greater Impact
The meeting ended on a highly positive and collaborative note, with both parties expressing strong willingness to sustain and deepen partnership.
Mr. Sawyerr assured the delegation of NELFUND’s full readiness to support initiatives of Renewed Hope stakeholders and to align fully with the broader objectives of the Renewed Hope Agenda in uplifting Nigerian youths through accessible and sustainable educational financing.
Prince Omole, on his part, pledged continued advocacy and mobilisation, both within Nigeria and in the diaspora, to ensure that more citizens are aware of and benefit from the student loan scheme.
A Promising Future for Nigerian Students
The strategic engagement has further solidified the partnership between NELFUND and the Renewed Hope Administration, sending a strong signal that inclusive access to quality education remains a top priority of the current administration.
With over one million students already reached and many more applications in the pipeline, NELFUND is poised to continue transforming lives, reducing poverty, and building a highly skilled workforce that will drive Nigeria’s economic growth in the coming decades.
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FAQs
What is NELFUND?
The Nigerian Education Loan Fund (NELFUND) is a federal government agency established by the Student Loans (Access to Higher Education) Act 2024 to provide interest-free loans to qualified Nigerian students pursuing tertiary education in approved public institutions in Nigeria.
Who is eligible to apply for the NELFUND student loan?
Any Nigerian student admitted into a public university, polytechnic, college of education, or technical/vocational school in Nigeria is eligible, provided the applicant’s family income is less than N500,000 per annum or they meet other vulnerability criteria set by the Fund.
Is the loan really interest-free?
Yes. The NELFUND loan is completely interest-free. Students only repay the exact amount disbursed for tuition and upkeep, with no additional charges.
When does repayment begin?
Repayment starts two years after the completion of the National Youth Service Corps (NYSC) programme, giving graduates sufficient time to secure employment.
How much can a student receive?
The loan covers 100% of institutional fees (charged directly to the school) and provides monthly upkeep allowances ranging from N10,000 to N50,000 depending on the category of institution and location.
Has NELFUND really disbursed loans to over one million students?
Yes. As publicly announced and celebrated during this high-level engagement, NELFUND has successfully disbursed loans to more than one million Nigerian students since the programme was relaunched under the Tinubu administration.
How can a student apply?
Applications are submitted online through the official NELFUND portal. Applicants need their JAMB registration number, NIN, BVN, and institutional admission details.
Are students from private universities eligible?
Currently, the scheme covers only students in federal and state-owned tertiary institutions. Plans are underway to progressively include qualified private and faith-based institutions.
What happens if a beneficiary defaults on repayment?
Defaulters will be listed with credit bureaus and may face legal action. However, NELFUND emphasises support and flexible repayment plans rather than punishment.
Is there any guarantor requirement?
No physical guarantor is required. The application process is fully digital and does not demand collateral or third-party guarantors.
How has President Tinubu’s administration supported NELFUND?
The administration provided full legislative backing through the 2024 Act, allocated substantial seed funding, ensured seamless digital infrastructure, and continues to prioritise education financing as a key pillar of the Renewed Hope Agenda.
Can postgraduate students apply?
At the moment, the scheme primarily targets undergraduate students, but postgraduate inclusion is under active consideration for future phases.
How transparent is the disbursement process?
NELFUND operates a fully digital, auditable platform. Every application, approval, and disbursement is tracked in real time, and periodic independent audits are conducted.
What is the Renewed Hope Global Tour?
It is an international advocacy and image-laundering initiative showcasing the achievements and policies of President Bola Ahmed Tinubu’s administration to Nigerians in the diaspora and the global community.
Why is this partnership between NELFUND and Renewed Hope stakeholders important?
It strengthens advocacy, increases awareness, attracts diaspora support, and ensures that the transformative impact of the student loan scheme reaches every corner of Nigeria and beyond.
