The Nigerian Education Loan Fund (NELFUND) has revealed that applications for its federal student loan scheme have surpassed the one-million mark, making the programme one of the most widely embraced social-intervention initiatives under the Bola Tinubu administration.
In a statement issued on Sunday, November 2, the Director of Strategic Communications at NELFUND, Oseyemi Oluwatuyi, said the milestone was reached less than a year after the scheme’s launch on 24 May 2024.
He described the development as a strong indicator of growing national confidence in the initiative.
According to NELFUND, more than ₦116 billion has been disbursed to students in universities, polytechnics and colleges of education across Nigeria.
Naijaonpoint understands that the disbursements cover both tuition fees and upkeep allowances, aimed at easing the financial burden on learners.
The scheme has been rolled out under the government’s “Renewed Hope” agenda, which prioritises inclusive access to higher education for all Nigerians regardless of background or location.
NELFUND’s Managing Director, Akintunde Sawyerr, attributed the success of the scheme to President Tinubu’s vision, saying: “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.
“It is a testament to visionary leadership, sound policy design, and the collective effort of all stakeholders driving this transformative agenda.”
He reaffirmed the agency’s commitment to improving access, transparency and efficiency in the loan process.
NELFUND stressed that the loan programme is non-discriminatory and inclusive, cutting across all religious and ethnic lines while promoting unity through equal educational opportunities.
“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.
The agency also pledged that every qualified Nigerian student, regardless of background or location, will be able to benefit from the scheme.
Naijaonpoint reports that the one-million-plus application milestone and significant disbursement figures signal a major shift in how higher education is being financed in Nigeria. It points to a growing responsiveness of students to government initiatives aimed at reducing cost barriers; an increased public confidence in NELFUND’s ability to deliver and the potential for improved educational access and socio-economic mobility for many young Nigerians.
However, the real test lies ahead in ensuring timely processing, disbursement, clear eligibility criteria and transparent accountability as the scheme expands.
© 2025 Naijaonpoint, a division of NOP Media Inc. Contact us via [email protected]