November 02, (THEWILL) — The Nigerian Education Loan Fund (NELFUND) has crossed a major milestone, recording over one million student loan applications less than a year after the official launch of its portal on May 24, 2024.
The student loan initiative, one of the flagship programmes under the Tinubu administration, aims to remove financial constraints to tertiary education and equip young Nigerians with the skills required to thrive in a modern economy.
In a statement issued on Sunday, the Director of Strategic Communications, Mrs Oseyemi Oluwatuyi, said the Fund has disbursed more than N116 billion to beneficiaries across the country.
Oluwatuyi described the development as a “historic feat” and a powerful demonstration of President Bola Tinubu’s commitment to widening access to tertiary education through the Renewed Hope Agenda.
According to her, the Fund has successfully processed and disbursed loans covering tuition and upkeep allowances to students in federal and state universities, polytechnics, and colleges of education nationwide.
“This remarkable achievement highlights the far-reaching impact of government-led social empowerment programmes designed to restore confidence and ensure every Nigerian, regardless of background, has the opportunity to pursue higher education”, the statement read.
Oluwatuyi added that the milestone reinforces the administration’s dedication to human capital development and inclusive socioeconomic growth.
Reacting to the development, NELFUND Managing Director/Chief Executive Officer, Akintunde Sawyerr, said surpassing one million applications represents “a defining moment in Nigeria’s journey toward equitable education financing.
“Crossing the one-million mark represents more than data — it symbolises renewed hope for a generation determined to rise above financial barriers to education. We are witnessing young Nigerians reclaim their dreams and aspirations with dignity and confidence”, he stated.
Sawyerr reaffirmed the Fund’s commitment to continuous system refinement to ensure seamless access for all eligible students, regardless of location or socioeconomic status, adding that transparency and efficiency remain central to its operations.
“With this milestone, NELFUND stands today as a shining example of government intervention that is working — authentic, effective, and truly transformative”, the Fund noted.
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