The Nigerian Education Loan Fund (NELFUND) has announced that over one million students have applied for loans since the scheme’s launch on May 24, 2024.
According to the agency, more than ₦116 billion has been disbursed so far, covering tuition fees and upkeep allowances for students in universities, polytechnics, and colleges of education nationwide.
In a statement on Sunday, NELFUND’s Director of Strategic Communications, Oseyemi Oluwatuyi, said the milestone underscores the impact of President Bola Tinubu’s Renewed Hope Agenda and the government’s dedication to human capital development.
Managing Director/CEO, Akintunde Sawyerr, described the achievement as a turning point in Nigeria’s pursuit of equitable education financing. “Surpassing one million applications goes beyond numbers—it symbolises renewed hope for young Nigerians striving to overcome financial barriers to education,” he said.
The Fund reaffirmed its commitment to ensuring transparency and equal access for all eligible students, regardless of background or location.
“With this milestone, NELFUND stands as a clear example of an effective, inclusive, and transformative government initiative,” the statement added. “It unites Nigerians of all faiths and ethnicities by providing fair education opportunities and shared national progress.”
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