The Nigerian Education Loan Fund (NELFUND) has announced that applications for the national student loan scheme have surpassed one million, marking a major milestone less than a year after its launch on May 24, 2024.
In a statement issued on Sunday by the Director of Strategic Communications, Oseyemi Oluwatuyi, NELFUND revealed that over ₦116 billion has already been disbursed to students in universities, polytechnics, and colleges of education across the country. The funds cover both institutional charges and upkeep allowances, providing relief for many families struggling to afford tertiary education.
The Managing Director of NELFUND, Akintunde Sawyerr, said the development reflects the tangible success of President Bola Tinubu’s Renewed Hope agenda, which seeks to expand access to higher education for all Nigerians. He described the milestone as a sign that the programme is gaining strong national acceptance and public confidence.
“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 stated. “It is a testament to visionary leadership, sound policy design, and the collective effort of all stakeholders driving this transformative agenda.”
NELFUND reaffirmed that the student loan programme is entirely non-discriminatory, designed to benefit Nigerians across all ethnic and religious backgrounds while fostering national unity through equal access to learning opportunities.
The agency further assured that it remains committed to enhancing efficiency and transparency in its operations. According to the statement, NELFUND’s focus is to ensure that “every qualified Nigerian student, regardless of background or location, can access education funding with transparency, efficiency, and dignity.”
“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 concluded.
What you should know
The Nigerian Education Loan Fund (NELFUND) has recorded over one million applicants and disbursed ₦116 billion since May 2024.
The initiative, launched under President Tinubu’s Renewed Hope agenda, aims to make higher education accessible to all Nigerians, regardless of background or financial status.
