The Nigerian Education Loan Fund says over one million students have applied for the federal government’s student loan scheme since its launch in May 2024.
In a statement on Sunday, the Director of Strategic Communications at NELFUND, Oseyemi Oluwatuyi, said the milestone shows growing public trust in the initiative, which he described as one of the most successful social programmes under President Bola Tinubu’s administration.
According to the agency, more than ₦116 billion has been disbursed to students in universities, polytechnics, and colleges of education nationwide.
NELFUND said the funds cover both tuition and upkeep allowances to help reduce the financial strain on students.
Its Managing Director, Akintunde Sawyerr, said the success of the scheme reflects President Tinubu’s Renewed Hope agenda, which seeks to expand access to education.
“Crossing the one-million mark represents more than data; it symbolises renewed hope for a generation of Nigerians determined to rise above 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 transformative agenda.”
NELFUND said it would continue to strengthen access, transparency, and efficiency in the loan process so that every eligible Nigerian student, regardless of background, can benefit.
The agency also noted that the scheme is open to all students without discrimination and promotes national unity through equal educational opportunities.
“NELFUND remains focused on ensuring that no Nigerian is denied the opportunity to learn or grow because of financial hardship,” the statement added.
