THE Nigerian Education Loan Fund (NELFUND) says applications for the country’s landmark student loan scheme have exceeded one million, less than a year after its rollout marking one of the fastest uptakes of a government-backed social intervention programme under President Bola Tinubu’s administration.
The announcement was made on Sunday in a statement sent to News Point Nigeria by NELFUND’s Director of Strategic Communications, Oseyemi Oluwatuyi, who described the development as “a clear demonstration of strong national traction and rising public trust” in the initiative introduced to remove financial barriers to tertiary education.
President Tinubu signed the Student Loan Act into law in June 2023, and the scheme officially commenced on May 24, 2024. The programme provides interest-free loans to eligible students in public universities, polytechnics, colleges of education, and vocational institutions to cover tuition and living expenses.
According to NELFUND, over N116 billion has so far been disbursed to beneficiaries across the country, including institutional charges and upkeep allowances, a scale the agency says reflects growing nationwide confidence in the fund’s operations.
Speaking on the milestone, NELFUND’s Managing Director, Akintunde Sawyerr, said surpassing one million applicants goes beyond a numerical feat, representing “renewed hope for a generation determined not to be held back by financial hardship.”
“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.”
Sawyerr also linked the achievement to the success of President Tinubu’s Renewed Hope Agenda, which emphasises broader access to educational opportunities as a catalyst for national development.
NELFUND reaffirmed its commitment to transparency and efficiency in loan processing to ensure that “every qualified Nigerian student, regardless of background or location, can access education funding with dignity.”
The agency further stressed that the programme is non-discriminatory, benefiting Nigerians across all religious and ethnic lines, and strengthening national unity through equal learning opportunities.
“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.
The Fund said it will continue scaling up the platform, improving its technology, and increasing awareness so that more Nigerians understand and benefit from the scheme.
