Nigeria’s student loan initiative has hit a major milestone, with the Nigerian Education Loan Fund confirming that applications have now exceeded one million.
This marks one of the most significant responses to a government social support programme under President Bola Tinubu’s administration.
In a statement released on Sunday, the Fund’s Director of Strategic Communications, Oseyemi Oluwatuyi, revealed that the impressive turnout comes in less than a year after the scheme officially kicked off on May 24, 2024.
He described it as evidence that the scheme is gaining strong national traction and public trust.
According to the agency, over N116bn has so far been disbursed to students across universities, polytechnics, and colleges of education in Nigeria, covering both institutional charges and upkeep allowances.
The Managing Director of NELFUND, Akintunde Sawyerr, said the milestone reflects the success of President Bola Tinubu’s Renewed Hope agenda in expanding access to higher education.
“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.”
NELFUND reiterated its commitment to continuous improvement in service delivery, ensuring that “every qualified Nigerian student, regardless of background or location, can access education funding with transparency, efficiency, and dignity.”
The agency emphasised that the student loan programme is non-discriminatory, benefiting Nigerians across religious and ethnic backgrounds, and helping to promote unity through equal learning 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 added.
