By Tony Obiechina Abuja
The Nigerian Education Loan Fund (NELFUND) has disclosed that over one million students have applied for its student loan since the official launch on May 24, 2024.
According to the latest update from the Nigerian Education Loan Fund (NELFUND), a total of 1,004,276 students have applied for the student loan as of November 2, 2025.
Out of these, 624,535 students from 239 institutions have benefited from the loan.
The total loan disbursement stands at N116,447,991,036, with N64,302,331,036 allocated for institutional fees and N51,145,660,000 for upkeep allowances.
According to NELFUND, the remarkable achievement underscores the far-reaching impact of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which is restoring faith in government-led social empowerment programmes and making higher education more accessible to all Nigerians.
A statement signed by NELFUND’s Director of Strategic Communications, Mrs Oseyemi Oluwatuyi, on Sunday, stated that since its inception, NELFUND has disbursed over ₦116bn in student loans, covering both institutional fees and upkeep allowances to students across universities, polytechnics, and colleges of education nationwide.
“ This milestone reflects the administration’s unwavering commitment to human capital development and inclusive growth,” the statement said.
Speaking on the achievement, NELFUND Managing Director Mr Akintunde Sawyerr described it as a defining moment in Nigeria’s journey toward equitable education financing.
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, sound policy design and the collective efforts of all stakeholders driving this transformative agenda.”
He reaffirmed NELFUND’s 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,” he added.
He maintained that NELFUND is a non-discriminatory initiative that benefits Nigerians of all faiths and tribes, Christians, Muslims, and others across diverse ethnic backgrounds, adding that it helps unify the country by providing equal access to education and fostering shared progress.
“As the NELFUND 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,” he added.
