ABUJA — The Nigerian Education Loan Fund (NELFUND) has announced that its landmark student loan scheme has attracted over one million applications through its official portal — a milestone hailed as one of the most successful government-backed social interventions under the Tinubu administration.
In a statement issued on Sunday by the agency’s Director of Strategic Communications, Oseyemi Oluwatuyi, NELFUND described the achievement as a reflection of growing public trust and widespread acceptance of the initiative, less than a year after its official launch on May 24, 2024.
According to the Fund, more than ₦116 billion has so far been disbursed to students in universities, polytechnics, and colleges of education across the country. The funds cover tuition and upkeep allowances, ensuring that no Nigerian student is denied tertiary education due to financial hardship.
NELFUND’s Managing Director, Akintunde Sawyerr, lauded the milestone as proof of the impact of President Bola Tinubu’s Renewed Hope Agenda, which prioritizes affordable and inclusive education. He described the achievement not merely as a statistic but as a symbol of restored faith in public-sector educational financing.
“Crossing the one-million mark represents more than data; it signifies renewed hope for a generation determined to overcome financial barriers to education,” Sawyerr said. “It stands as a testament to visionary leadership, effective policy design, and the collective effort of all stakeholders driving this transformative programme.”
The Fund reaffirmed its commitment to transparency, efficiency, and equal opportunity, noting that the loan scheme is non-discriminatory and open to all eligible students irrespective of socioeconomic status, ethnicity, religion, or location.
To further streamline operations, NELFUND said it is enhancing its digital verification systems and institutional partnerships to ensure timely processing and equitable distribution of funds to both federal and state-owned tertiary institutions.
“The Nigerian Education Loan Fund remains focused on ensuring that no Nigerian is denied the chance to learn, grow, or contribute to national development because of financial limitations,” the statement added.
Since inception, the NELFUND loan programme has been widely praised for its user-friendly online portal, simplified application process, and measurable impact in reducing student dropouts and boosting enrollment in public tertiary institutions nationwide.
