The Nigerian Education Loan Fund says over one million students have applied for loans since May 2024.
It has disbursed ₦116 billion to support tuition and living expenses nationwide.
The Nigerian Education Loan Fund (NELFUND) has announced that it has received over one million student loan applications since the scheme was launched on May 24, 2024.
In a statement released on Sunday, the agency announced that it has distributed over ₦116 billion to students in universities, polytechnics, and colleges of education. The loans cover tuition fees and living allowances.
Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND, said the milestone reflects the success of President Bola Tinubu’s Renewed Hope Agenda and his administration’s dedication to human capital development.
NELFUND Managing Director, Akintunde Sawyerr, described the achievement as a major breakthrough in Nigeria’s effort to make education accessible to all.
“Crossing the one-million mark represents renewed hope for Nigerians determined to overcome financial barriers to education,” Sawyerr said. “It reflects effective leadership, sound policy, and collective effort among stakeholders driving this initiative.”
The agency reaffirmed its commitment to improving its processes to ensure that every qualified student, regardless of background or location, can access funding transparently and efficiently.
According to NELFUND, the scheme has become a model of inclusive governance by providing equal opportunities for Nigerians from all religious and ethnic backgrounds. It noted that its goal remains to ensure that no citizen is denied education because of financial hardship.
