Applications for Nigeria’s student loan scheme have surpassed one million, marking one of the largest uptakes for a government-backed social intervention under President Bola Tinubu’s administration.
The Nigerian Education Loan Fund (NELFUND), which manages the scheme, confirmed the milestone in a statement issued on Sunday by its Director of Strategic Communications, Oseyemi Oluwatuyi.
According to Oluwatuyi, the feat was achieved in less than a year after the initiative officially launched on May 24, 2024 — an indication, he said, that the programme is gaining strong national traction and public confidence.
So far, the fund has disbursed more than ₦116 billion to students across Nigerian universities, polytechnics, and colleges of education. The funds cover both institutional charges and personal upkeep allowances.
The Managing Director of NELFUND, Akintunde Sawyerr, described the achievement as a “testament to visionary leadership, sound policy design, and collective effort” in expanding educational opportunities nationwide.
“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 stated.
He linked the success of the scheme to President Tinubu’s Renewed Hope agenda, which prioritises widening access to higher education and empowering young Nigerians through human capital development.
The agency reaffirmed its commitment to improving service delivery and ensuring that all qualified Nigerian students, irrespective of background, religion, or ethnicity, can access educational funding transparently and efficiently.
“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.
