Fund processes 94% of loan applications in first year of operation
Abuja, Nigeria – The Nigerian Education Loan Fund (NELFUND) has reached a major milestone, disbursing N73.2 billion in interest-free loans to 396,252 students across all 36 states and the Federal Capital Territory. The achievement marks a successful first year for the program that many students had waited years to see.
Record-Breaking First Year
NELFUND Managing Director Akintunde Sawyerr shared the impressive numbers during a media briefing in Abuja on Thursday. The fund received 645,692 loan applications from 206 tertiary institutions nationwide a response that exceeded initial expectations.
“For the first time in our nation’s history, students are gaining structured, interest-free access to education finance through a national public fund,” Sawyerr announced.
The fund successfully processed 94% of all applications received. For thousands of students who previously faced the difficult choice between education and financial survival, these student loans have provided a lifeline.
Breaking Barriers for First-Generation Students
The impact extends beyond numbers. Many beneficiaries are first-generation students – young people whose families never had the opportunity to attend university before.
“Many of the beneficiaries are first-generation students in tertiary institutions,” Sawyerr explained. These interest-free loans are opening doors that remained closed for entire families due to financial constraints.
The program covers students in universities, polytechnics, and colleges of education across Nigeria. For parents who have watched their children’s dreams fade due to school fees, NELFUND represents hope restored.
Overcoming Growing Pains
Like any ambitious program, NELFUND has faced challenges. Sawyerr acknowledged system problems including data mismatches and verification delays that frustrated some applicants.
“We’ve remained steadfast, improving our systems, engaging applicants directly, training institutional focal points, and addressing concerns swiftly,” he said.
The fund also battles misinformation on social media that creates confusion among potential beneficiaries. Some false claims have caused unnecessary panic among students and parents.
NELFUND officials urged the public to verify information directly with the fund before sharing claims about the program. Clear communication remains essential as the program expands.
Looking Forward
With nearly 400,000 students already benefiting, NELFUND continues processing remaining applications. The fund’s success in its first year sets a strong foundation for helping more Nigerian students access quality education without the burden of interest payments.
By Abdullah Korede
