Over one million Nigerians apply for student loans as scheme hits major milestone

Nigeria’s student loan programme has recorded a major achievement, as applications have now surpassed the one-million mark, according to the Nigerian Education Loan Fund (NELFUND).

In a statement issued on Sunday, the Fund’s Director of Strategic Communications, Oseyemi Oluwatuyi, confirmed that the impressive milestone reflects strong nationwide interest and support for the initiative — one of the flagship social programmes introduced under President Bola Ahmed Tinubu’s administration.

The scheme, which officially commenced on May 24, 2024, aims to provide financial support to Nigerian students in public tertiary institutions, enabling them to pursue higher education without the burden of upfront fees.

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.