The Nigerian Education Loan Fund (NELFUND) has achieved a historic milestone, recording over one million applications on its student loan portal since its official launch on May 24, 2024.
In a statement signed by Oseyemi Oluwatuyi, director of Strategic Communications at NELFUND, this achievement highlights the far-reaching impact of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which is restoring public confidence in government-led social empowerment initiatives and making higher education more accessible to Nigerians across all backgrounds.
According to official data released by the Fund, a total of 1,004,276 applications have been received since inception, out of which 624,535 students have so far benefitted from the loan scheme. The beneficiaries are drawn from 239 tertiary institutions nationwide, including universities, polytechnics, and colleges of education.
Cumulative disbursement under the scheme has reached ₦116.4 billion, comprising ₦65.3 billion in institutional fee payments and ₦51.1 billion in upkeep allowances to students.
Speaking on the milestone, Akintunde Sawyerr, managing director and chief executive officer, NELFUND, described the achievement as a defining moment in Nigeria’s pursuit of equitable education financing.
“Crossing the one-million mark represents more than data; it represents renewed hope for a generation of Nigerians determined to rise above financial barriers to education. It is a testament to visionary leadership, sound policy design, and the collective efforts of all stakeholders driving this transformative agenda,” Sawyerr stated.
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The Fund reaffirmed its commitment to continuous process improvement to ensure that every qualified Nigerian student, regardless of background or location can access education funding with transparency, efficiency, and dignity.
NELFUND also emphasised that the student loan initiative is a non-discriminatory programme, designed to benefit Nigerians of all faiths and ethnicities, thereby promoting unity and shared progress through equal access to education.
As the Fund continues to expand its reach and impact, it reiterated its resolve to ensure that no Nigerian is denied the opportunity to learn, grow, or contribute to national development because of financial limitations.
For further inquiries, NELFUND advised students and stakeholders to contact the Fund via email at info@nelf.gov.ng or through its verified social media platforms.
