Over one million students apply for NELFUND loans as disbursement tops ₦116 billion

Over one million students apply for NELFUND loans as disbursement tops ₦116 billion

The Nigerian Education Loan Fund (NELFUND) has announced a major milestone in its student loan programme, revealing that over one million students have applied for financial assistance since the initiative was officially launched on May 24, 2024.

In a statement released on Sunday, NELFUND disclosed that a total of 1,004,276 students had applied for the loan as of November 2, 2025. Of these, 624,535 students from 239 tertiary institutions across the country have successfully received funding.

The total disbursement to date stands at ₦116.4 billion, with ₦64.3 billion allocated for institutional fees and ₦51.1 billion for student upkeep allowances.

According to NELFUND, the achievement reflects the growing impact of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which aims to restore public confidence in government-led social empowerment programmes and expand access to higher education for all Nigerians.

“This milestone reflects the administration’s unwavering commitment to human capital development and inclusive growth,” said Mrs. Oseyemi Oluwatuyi, NELFUND’s Director of Strategic Communications.

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Speaking on the development, NELFUND Managing Director, Mr. Akintunde Sawyerr, described the one-million mark as a defining moment in Nigeria’s journey toward equitable education financing.

“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,” Sawyerr stated. “It is a testament to visionary leadership, sound policy design, and the collective efforts of all stakeholders driving this transformative agenda.”

The Fund reiterated its commitment to continuous improvement, pledging to ensure that every qualified Nigerian student—regardless of background or location—can access education funding with transparency, efficiency, and dignity.

“NELFUND is a non-discriminatory initiative that benefits Nigerians of all faiths and tribes,” the statement added. “It helps unify the country by providing equal access to education and fostering shared progress.”

As the programme continues to expand, NELFUND affirmed its mission to eliminate financial barriers to education and empower young Nigerians to contribute meaningfully to national development.

Over one million students apply for NELFUND loans as disbursement tops ₦116 billion