Over One Million Nigerians apply for Student Loan as NELFUND disburses ₦116 Billion

The Nigerian Education Loan Fund (NELFUND) has announced that applications for the federal student loan scheme have exceeded one million, making it one of the most widely embraced social intervention programmes under President Bola Tinubu’s administration.

In a statement on Sunday, NELFUND’s Director of Strategic Communications, Oseyemi Oluwatuyi, said the milestone was reached less than a year after the scheme was launched on May 24, 2024, describing it as a reflection of growing national confidence in the initiative.

According to the agency, over ₦116 billion has already been disbursed to students in universities, polytechnics, and colleges of education across Nigeria. The funds cover both tuition fees and upkeep allowances to ease the financial burden on learners.

The Managing Director of NELFUND, Akintunde Sawyerr, credited the success of the programme to President Tinubu’s Renewed Hope agenda, which focuses on promoting inclusive access to quality 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 reaffirmed its commitment to improving transparency and efficiency in the loan process, ensuring that every eligible Nigerian student—regardless of background, religion, or location—can access the programme.

The agency described the initiative as inclusive and non-discriminatory, aimed at fostering unity and equal educational opportunities for all.

“NELFUND remains focused on ensuring that no Nigerian is denied the opportunity to learn, grow, or contribute to national progress because of financial limitations,” the statement added.