The Nigerian Education Loan Fund (NELFUND) has announced a significant milestone in its history, revealing that applications for the federal student loan scheme have surpassed the one million mark on its official portal. This achievement, reached less than a year after the program’s launch on May 24, 2024, is being hailed as one of the largest uptakes for a government-backed social scheme since the start of the current administration.
The remarkable figure is viewed by the agency as strong evidence that the student loan initiative is gaining strong national traction and public trust among Nigerian students and their families.
Key Highlights of the Announcement
• 1,000,000+ Applications: The total number of applications received by NELFUND has crossed the one million threshold.
• Significant Disbursement: NELFUND reported that over ₦116 billion has been disbursed to date. These funds cover both institutional charges (fees) and upkeep allowances for students across universities, polytechnics, and colleges of education nationwide.
• A “Defining Moment”: Akintunde Sawyerr, the Managing Director/CEO of NELFUND, described the milestone as a “defining moment” in Nigeria’s pursuit of equitable education financing.
• Renewed Hope Agenda: The success is directly attributed to President Bola Tinubu’s Renewed Hope Agenda, emphasizing the administration’s commitment to human capital development and inclusive growth.
In a statement by the Director of Strategic Communications, Oseyemi Oluwatuyi, NELFUND noted that the figures represent more than mere data points. “Crossing the one-million mark represents more than data; it symbolises renewed hope for a generation of Nigerians determined to rise above financial barriers to education,” the statement read. “It is a testament to visionary leadership, sound policy design, and the collective efforts of all stakeholders driving this transformative agenda.”
Focus on Equity and Access
The agency has consistently reaffirmed its commitment to the program’s core mandate: ensuring that no qualified Nigerian student is denied the opportunity to learn due to financial limitations.
• Non-Discriminatory: NELFUND stressed that the loan program is non-discriminatory, benefiting students from all religious, ethnic, and socio-economic backgrounds.
• Continuous Improvement: The Fund pledged to maintain a focus on continuous process improvement to ensure that access to education funding is provided with transparency, efficiency, and dignity.
The overwhelming response to the student loan scheme underscores the profound need for financial support in Nigeria’s tertiary education sector. While previous student loan initiatives faced challenges and failed to gain traction, NELFUND appears to have successfully restored public confidence, positioning the scheme as a shining example of an authentic, effective, and truly transformative government initiative.
The collective effort to remove financial barriers is expected to foster a more skilled and innovative workforce, ultimately contributing significantly to national progress and economic development.
