The NELFUND Impact
The Nigeria Education Loan Fund (NELFUND) was established under the Students Loan (Access to Higher Education) Act, signed into law by President Bola Ahmed Tinubu on June 12, 2023.
The Objectives are:
- Expand tertiary education enrolment, especially in underserved regions.
- Ensure equitable access to education for students from low-income families.
- Promote self-reliance by reducing financial hardship for students and parents.
- Boost national human capital development and graduate employability.
- Support President Tinubu’s Renewed Hope Agenda through inclusive education reform.
The Numbers in 20 Months
- Total applications from students: 1,219,588 (about 1.2 million)
- Total beneficiaries: 788,947 (over 780,000)
- Total beneficiary institutions nationwide: 262
- Total upkeep allowance paid: ₦58,537,760,000
- Total loans disbursed: ₦140,884,471,374 (over ₦140 billion)
In just 20 months, the student loan scheme has turned out to be a massive game-changer for Nigerian students.
As part of the many pre-planned initiatives of President Bola Ahmed Tinubu even before he was elected, his administration continues to fulfill campaign promises through sustainable and impactful policies.
