NELFUND Student Loan Scheme Surpasses One Million Applications, ₦116bn Disbursed

The Nigerian Education Loan Fund (NELFUND) has announced that applications for the Federal Government’s student loan scheme have exceeded one million, marking a major milestone in one of the most widely embraced social intervention programmes under the Bola Tinubu administration.

In a statement released on Sunday, Oseyemi Oluwatuyi, NELFUND’s Director of Strategic Communications, said the achievement came less than a year after the scheme’s official launch on May 24, 2024. He described it as clear evidence of growing national confidence in the initiative.

According to the agency, over ₦116 billion has already been disbursed to students across universities, polytechnics, and colleges of education nationwide. The funds cover both tuition fees and upkeep allowances, designed to ease the financial strain on students and their families.

‘Renewed Hope for a Generation’ — Sawyerr

The Managing Director of NELFUND, Akintunde Sawyerr, attributed the programme’s success to President Tinubu’s Renewed Hope Agenda, which emphasizes equitable access to quality education for all Nigerians.

“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.”

He noted that the loan initiative had opened doors for thousands of students who might otherwise have dropped out due to financial hardship.

NELFUND Reaffirms Commitment to Equal Access

The agency reiterated its pledge to uphold transparency, inclusivity, and efficiency in loan processing, ensuring that every qualified Nigerian student, regardless of background or location, can access support.

“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 read.

It added that the loan programme is non-discriminatory, cutting across all religious, ethnic, and regional lines — reflecting the federal government’s commitment to national unity through equal educational opportunity.

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