The Nigerian Education Loan Fund (NELFUND) has announced that over one million students have applied for loans through its official portal since the scheme’s inception.
In a statement on Sunday, the organisation described the milestone as one of the largest levels of participation recorded for a government-backed social programme since the beginning of President Bola Tinubu’s administration.
According to the statement signed by the Director of Strategic Communications, Oseyemi Oluwatuyi, the achievement comes less than a year after the initiative was launched on May 24, 2024, underscoring its growing national acceptance and public trust.
NELFUND disclosed that more than ₦116 billion has been disbursed so far to students in universities, polytechnics, and colleges of education across the country, covering both institutional fees and upkeep allowances.
The Managing Director of NELFUND, Akintunde Sawyerr, said the development reflects the success of President Tinubu’s Renewed Hope policy in improving access to higher education for Nigerian youths.
“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,” the statement read.
“It is a testament to visionary leadership, sound policy design, and the collective efforts of all stakeholders driving this transformative agenda.”
NELFUND reaffirmed its commitment to ensuring that every qualified Nigerian student—regardless of background or location—can access education funding transparently and efficiently.
The agency described the programme as inclusive and non-discriminatory, benefiting Nigerians of all religions and ethnic groups, and helping to promote national unity through equal learning opportunities.
It added that the fund remains focused on ensuring “no Nigerian is denied the opportunity to learn, grow, or contribute to national progress because of financial limitations.”