Nigeria’s Education Loan Fund Hits 500,000 Applications in Less Than a Year

The Nigeria Education Loan Fund (NELFund) has hit a significant milestone, surpassing 500,000 student loan applications just 11 months after its launch. This milestone underscores the immense demand for financial assistance to access higher education in the country, according to NELFund’s communications director, Oseyemi Oluwatuyi.

In a statement released on Friday, Oluwatuyi highlighted the growing need for educational funding, noting that the number of applications signifies the widespread desire for more accessible higher education opportunities.

Akintunde Sawyerr, NELFund’s managing director, emphasised that the achievement is “more than just a number”—it is a beacon of hope for families across Nigeria. Sawyerr expressed pride in being at the forefront of this transformative shift, noting that the surge in applications reflects a nationwide demand for opportunities to pursue tertiary education.

“This milestone demonstrates the relevance and urgency of our mission to expand access to higher education,” Sawyerr added. “We are proud to be at the heart of this transformation.”

As NELFund continues to process applications, Oluwatuyi reiterated the organisation’s commitment to transparency, accessibility, and efficiency, promising that these principles will remain central to the fund’s operations moving forward.

The fund also called for collaborative support from all stakeholders in the goal of achieving equitable education for all Nigerian students.

Since its enactment in June 2023, Nigeria’s student loan policy has aimed to provide interest-free loans to students in need. Initially scheduled to begin in October 2023, the program faced multiple delays before finally being re-enacted in April 2024. The application portal officially opened in May 2024, starting with a pilot phase for federal tertiary institutions.

However, the rollout has not been without challenges. Reports have surfaced of delays in the disbursement of funds, leaving some students struggling to meet academic deadlines. Additionally, discrepancies between the amounts disbursed and the actual school fees have led to confusion about repayment obligations.

In April 2025, a federal investigation raised concerns about potential collusion between some tertiary institutions and banks to undercut student loan applicants, further complicating the program’s implementation.