The Nigerian Education Loan Fund (NELFUND) has announced that over one million students have now applied for its loan scheme, marking one of the largest public responses to a government-backed initiative since President Bola Tinubu took office.
In a statement released on Sunday by NELFUND’s Director of Strategic Communications, Oseyemi Oluwatuyi, the agency described the milestone — reached less than a year after the scheme’s official launch on May 24, 2024 — as proof that the student loan programme is gaining strong national acceptance and public trust.
According to NELFUND, more than ₦116 billion has already been disbursed to students in universities, polytechnics, and colleges of education across the country. The funds cover both tuition-related charges and living allowances.
The Managing Director of NELFUND, Akintunde Sawyerr, said the achievement reflects the impact of President Tinubu’s Renewed Hope agenda, which seeks to expand access to higher education.
“Crossing the one-million mark represents more than numbers; it’s renewed hope for a generation of Nigerians determined to overcome financial barriers to education,” Sawyerr said. “It is a testament to visionary leadership, sound policy design, and the collective effort of all stakeholders driving this transformation.”
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He added that the Fund remains committed to making the loan process easier, faster, and more transparent so that every eligible Nigerian student — regardless of background or location — can access education funding with dignity.
NELFUND also stressed that the programme is entirely non-discriminatory, serving students from all regions, religions, and ethnic backgrounds, and helping to strengthen national unity through equal access to education.
“Our focus is simple,” the statement concluded. “No Nigerian should be denied the chance to learn, grow, or contribute to the nation’s progress because of financial constraints.”
