The Nigerian Education Loan Fund (NELFUND) has announced that the Federal Government’s student loan scheme has surpassed one million applications on its official portal, marking a major milestone since the initiative was launched on May 24, 2024.
In a statement released on Sunday by its Director of Strategic Communications, Oseyemi Oluwatuyi, NELFUND described the achievement as one of the largest uptake levels for any government-backed social programme under President Bola Tinubu’s administration.
According to the statement, over ₦116 billion has so far been disbursed to students across universities, polytechnics, and colleges of education nationwide. The funds cover both institutional charges and upkeep allowances, ensuring that students can focus on their studies without financial worries.
The Managing Director of NELFUND, Akintunde Sawyerr, said the milestone underscores the success of the Renewed Hope agenda in expanding access to higher education for young Nigerians.
“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 transparency, efficiency, and inclusivity in managing the scheme, emphasizing that every qualified Nigerian student, regardless of religion, region, or social background, would have equal access to the loans.
The agency also assured that the programme would continue to evolve to meet the educational and economic aspirations of Nigerians while supporting national development goals.
“We remain focused on ensuring no Nigerian is denied the opportunity to learn, grow, or contribute to national progress because of financial limitations,” NELFUND stated.
