The Nigerian Education Loan Fund (NELFUND) has announced that applications for the federal student loan scheme have now surpassed one million. The agency described the programme as one of the most widely accepted social intervention initiatives introduced under the administration of President Bola Tinubu.
In a statement released on Sunday, the Director of Strategic Communications, Oseyemi Oluwatuyi, noted that the milestone was recorded less than a year after the scheme was launched on May 24, 2024. He said the development reflects increasing public confidence in the loan system.
NELFUND revealed that more than ₦116 billion has so far been distributed to students in universities, polytechnics, and colleges of education nationwide. The funds cover tuition payments and living allowances designed to reduce financial pressure on students.
The agency’s Managing Director, Akintunde Sawyerr, credited the success of the programme to the government’s Renewed Hope agenda, which aims to expand access to education.
“Surpassing one million applications is not just a statistic; it reflects renewed hope for many young Nigerians committed to pursuing education despite financial constraints,” Sawyerr stated.
NELFUND restated its commitment to transparency, accessibility, and fairness in the loan process, assuring that every eligible student—irrespective of background, religion, or location—will have the opportunity to benefit.
According to the statement, the agency will continue to work to ensure that no Nigerian student is denied educational advancement due to financial challenges.
