The Nigerian Education Loan Fund (NELFUND) has revealed that applications for its student loan scheme have exceeded one million, marking a major milestone for one of the country’s most ambitious educational support programmes under President Bola Ahmed Tinubu’s administration.
In a statement issued on Sunday by the Director of Strategic Communications, Oseyemi Oluwatuyi, the agency said the achievement comes just one year after the official launch of the programme on May 24, 2024. It described the development as evidence of the increasing public trust and confidence in the student loan scheme.
According to NELFUND, over ₦116 billion has already been disbursed to Nigerian students enrolled in universities, polytechnics, and colleges of education across the country. The disbursements cover both tuition and living stipends to ease financial burdens on students.
The Managing Director of NELFUND, Akintunde Sawyerr, said the progress demonstrates the tangible impact of President Tinubu’s “Renewed Hope” agenda in promoting equitable access to higher education. “Crossing the one-million mark represents more than data; it represents renewed hope for a generation of Nigerians determined to rise above financial barriers to education,” Sawyerr stated.
Okay News reports that the Fund has also reaffirmed its commitment to improving its processes to ensure that every qualified student, regardless of social or geographical background, can access educational funding with transparency and dignity.
“The initiative remains open and non-discriminatory,” NELFUND said, emphasizing that it supports students from all ethnic and religious groups across Nigeria. The agency added that it views education as a unifying national force and a key driver of long-term development.
NELFUND concluded by assuring that it will continue to expand the reach of the loan scheme to ensure that “no Nigerian is denied the opportunity to learn, grow, or contribute to national progress because of financial limitations.”
