Barely 17 months of its establishment by President Bola Ahmed Tinubu, the Nigerian Education Loan Fund has recorded over one million student loan applications from Nigerian tertiary institutions students across the country.
The was disclosed in a statement the Director, Strategic Communications of NELFUND, Oseyemi Oluwatuyi on Sunday.
He stated that the student loan scheme has reached one million applications on its official portal. According to him, the milestone comes barely one year after the programme’s launch on 24 May 2024.
He described the development as proof that the student loan initiative is gaining strong national traction and public trust.
Oluwatuyi stated that more than N116 billion has so far been disbursed to students across universities, polytechnics and colleges of education in Nigeria. The loan covers institutional charges and upkeep allowances.
In his remark, the Managing Director of the Fund, Akintunde Sawyerr, said the development reflects the impact of the President Bola Tinubu Renewed Hope policy drive on access to higher education.
He said, “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, and sound policy design. And the collective efforts of all stakeholders driving this transformative agenda.”
Sawyerr reiterated the Fund’s commitment to continuous process improvement. He said the Fund will make sure “every qualified Nigerian student, regardless of background or location, can access education funding with transparency, efficiency, and dignity.”
Describing the programme as non-discriminatory, he said it benefits Nigerians across religions and ethnic backgrounds.
The MD pointed out that the Fund is helping to unify national aspirations through equal learning opportunities.