- the milestone reflects the government’s commitment to human capital development
- it benefits students across all religions, ethnicities, and regions
- the Fund has disbursed ₦116.4 billion in total comprising ₦64.3 billion for institutional fees
The Nigerian Education Loan Fund (NELFUND) has announced that over one million students have applied for its education loan scheme since its official launch on May 24, 2024.
Eko Hot Blog gathered that in its latest update released on Sunday, NELFUND reported that 1,004,276 students have submitted applications, with 624,535 beneficiaries drawn from 239 higher institutions across Nigeria.
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So far, the Fund has disbursed ₦116.4 billion in total comprising ₦64.3 billion for institutional fees and ₦51.1 billion for upkeep allowances.
NELFUND said this achievement highlights the success of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which aims to make higher education more affordable and accessible to all Nigerians.
According to a statement signed by Mrs. Oseyemi Oluwatuyi, NELFUND’s Director of Strategic Communications, the milestone reflects the government’s commitment to human capital development and inclusive economic growth.
NELFUND’s Managing Director, Akintunde Sawyerr, described the development as a defining moment in Nigeria’s education reform.
“Crossing the one-million mark represents more than statistics—it signifies renewed hope for young Nigerians striving to overcome financial barriers to education,” Sawyerr said. “It is proof that visionary leadership and effective policy can drive real transformation.”
The Fund reaffirmed its pledge to streamline its processes to ensure that every eligible Nigerian student, regardless of background, has equal access to financial support for higher education.
“With this milestone, NELFUND continues to demonstrate that government-led social programmes can work effectively when built on transparency, accountability, and equity,” the statement added.
The Fund also emphasized its non-discriminatory approach, noting that it benefits students across all religions, ethnicities, and regions, thereby promoting unity and shared national progress.
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