NELFUND records one million student loan applications, disburses N116b

The Nigerian Education Loan Fund (NELFUND) has announced that it has recorded over one million student loan applications since the official launch of the scheme on May 24, 2024.

It also said that it had disbursed over N116 billion in student loans, covering both institutional fees and upkeep allowances to students across universities, polytechnics, and colleges of education since inception.

In a statement yesterday, Director of Strategic Communications at NELFUND, Oseyemi Oluwatuyi, said the remarkable achievement highlights the broad impact of President Bola Tinubu’s Renewed Hope Agenda.

According to the statement, this milestone reflects the administration’s unwavering commitment to human capital development and inclusive growth.

Also speaking on the achievement, NELFUND Managing Director/CEO, Akintunde Sawyerr, described it as a defining moment in Nigeria’s journey toward 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.

The Fund, however, reaffirmed its commitment to continuous process improvement, ensuring that every qualified Nigerian student, regardless of background or location, can access education funding with transparency, efficiency, and dignity.

“With this milestone, NELFUND stands as a shining example of a government initiative that is working, authentic, effective, and truly transformative. The programme demonstrates that when leadership, vision, and accountability align, lasting change is possible.

“NELFUND is a non-discriminatory initiative that benefits Nigerians of all faiths and tribes—Christians, Muslims, and others across diverse ethnic backgrounds. It helps to unify the country by providing equal access to education and fostering shared progress.

“As the Fund continues to expand its reach and impact, it remains steadfast in its mission to ensure that no Nigerian is denied the opportunity to learn, grow, or contribute to national progress because of financial limitations,” the statement stated.