The Nigerian Education Loan Fund has announced that more than one million students have applied for government-backed education loans, marking a major milestone in the implementation of the scheme since its rollout on May 24, 2024.
The scheme, established to support students in tertiary institutions across the country, has so far disbursed over ₦116 billion covering tuition and upkeep allowances for beneficiaries in universities, polytechnics and colleges of education.
NELFUND said the feat reflects growing public confidence in the student loan programme, which forms part of President Bola Tinubu’s Renewed Hope Agenda aimed at expanding access to higher education and strengthening human capital development.
The Managing Director of NELFUND, Akintunde Sawyerr, described the development as a defining moment in Nigeria’s educational financing landscape.
“Crossing the one-million mark represents renewed hope for a generation of Nigerians determined to rise above financial barriers to education. It is a testament to visionary leadership, sound policy design, and the collective efforts driving this transformative agenda,” Sawyerr said.
He added that the Fund remains committed to improving its processes to ensure that qualified students — regardless of background or location — can access loans transparently and efficiently.
NELFUND said the programme is open to all Nigerians, irrespective of religion or ethnicity, and aims to foster inclusiveness and national development by ensuring that no student is denied tertiary education due to financial constraints.
The Fund urged students seeking support to engage through its official website and social media channels for guidance and updates.
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