NELFUND disburses N116bn, records 1 million student loan applications

… initiative proves commitment to human capital development by the government.

The Nigerian Education Loan Fund, NELFUND, has recorded a major breakthrough, announcing that over one million applications had been received on its students loan portal since its official launch on May 24, 2024.

This milestone, according to a statement by NELFUND’s Director, Strategic Communications, Mrs. Oseyemi Oluwatuyi, yesterday, “marks a significant step in President Bola Ahmed Tinubu’s Renewed Hope Agenda, which is reshaping access to higher education and strengthening public trust in government-led empowerment programmes.”

Since commencement, NELFUND has disbursed more than N116 billion in student loans, providing both tuition and upkeep support to beneficiaries across universities, polytechnics and colleges of education nationwide.

The initiative underscores the federal government’s deep commitment to human capital development and inclusive national growth.

Commenting on the development, NELFUND’s Managing Director/Chief Executive, Mr. Akintunde Sawyerr, described the milestone as “a defining moment in Nigeria’s pursuit of equitable education financing.

“Crossing the one-million mark represents more than data, it signifies renewed hope for a generation of Nigerians determined to rise above financial barriers to education. It’s proof that sound leadership and effective policy design can deliver life-changing results.”

The Fund reaffirmed its pledge to strengthen transparency, efficiency and accessibility in its operations, ensuring that every qualified Nigerian, regardless of background or location, could access educational funding with ease and dignity.

As NELFUND expands its reach, it continues to stand as one of the most successful examples of a functioning, transparent and transformative government initiative.

Beyond providing financial support, it promotes national unity by serving Nigerians of all faiths, ethnicity and regions, creating a shared pathway to opportunity and progress.