Over One Million Students Apply for Loans Under NELFUND Scheme

The Nigerian Education Loan Fund’s (NELFUND) student loan scheme has surpassed one million applications on its official portal. This milestone signifies one of the most substantial uptake levels for a government-backed social initiative since the inception of the Tinubu administration.

The Director, Strategic Communications, NELFUND, Oseyemi Oluwatuyi, said the milestone comes barely one year after the programme’s launch on May 24 2024.

He described it as proof that the student loan initiative is gaining strong national traction and public trust.

According to the NELFUND team, over ₦116 billion has so far been disbursed to students across universities, polytechnics, and colleges of education in Nigeria, covering institutional charges and upkeep allowances.

The Managing Director of NELFUND, Akintunde Sawyerr, said the development reflects the impact of the President Bola Tinubu Renewed Hope policy drive on access to higher education.

“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.

“It is a testament to visionary leadership, sound policy design, and the collective efforts of all stakeholders driving this transformative agenda,” he said.

NELFUND reiterated that it is committed to continuous process improvement to make sure “every qualified Nigerian student, regardless of background or location, can access education funding with transparency, efficiency, and dignity.”

The Fund described the programme as non-discriminatory — saying it benefits Nigerians across religions and ethnic backgrounds — and is helping to unify national aspirations through equal learning opportunities.

NELFUND said it remains focused on ensuring “no Nigerian is denied the opportunity to learn, grow or contribute to national progress because of financial limitations.”