The Nigerian Education Loan Fund (NELFUND) has announced that applications for the Federal Student Loan Scheme have surpassed one million, marking a major milestone in what is now regarded as one of the most impactful social intervention programmes under President Bola Ahmed Tinubu’s administration.
In a statement on Sunday, Oseyemi Oluwatuyi, NELFUND’s Director of Strategic Communications, said the record number was reached less than a year after the scheme’s official launch on May 24, 2024. He described the development as “a strong indicator of growing national confidence in the initiative.”
According to NELFUND, over ₦116 billion has already been disbursed to students in universities, polytechnics, and colleges of education nationwide. The fund covers both tuition fees and upkeep allowances, a move designed to reduce the financial pressure on students pursuing higher education across the country.
The agency’s Managing Director, Akintunde Sawyerr, credited the rapid success to President Tinubu’s Renewed Hope agenda, which prioritizes inclusive access to quality 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.”
Student Loan Scheme Hits One Million Applications — NELFUND: The agency reaffirmed its dedication to transparency, accessibility, and efficiency, emphasizing that every eligible Nigerian student—regardless of background, religion, or location—will be able to access support.
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 concluded.
