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President Bola Tinubu commends NELFUND for successfully implementing the Federal Government’s Student Loan Scheme, describing it as a game-changer in expanding access to higher education.
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The Fund announces that more than ₦303 billion in interest-free loans has been disbursed, with over 1.64 million students across Nigeria benefiting from the intervention.
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Tinubu applauds NELFUND Managing Director, Akintunde Sawyerr, for providing the leadership that has driven the rapid rollout and nationwide impact of the scheme.
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Federal Government says the initiative marks a major milestone in the Renewed Hope Agenda, aimed at removing financial barriers to education and investing in Nigeria’s human capital development.
August 5, (THEWILL) — President Bola Tinubu has lauded the Nigerian Education Loan Fund (NELFUND) for what he described as the remarkable success of the Federal Government’s Student Loan Scheme, following the disbursement of more than ₦303 billion in interest-free loans to over 1.64 million Nigerian students.
The President gave the commendation during a meeting at the Presidential Villa, Abuja, on Tuesday with the Chairman of NELFUND, Jim Ovia, and the Fund’s Managing Director and Chief Executive Officer, Mr Akintunde Sawyerr.
Details of the meeting were disclosed on Wednesday in a statement published on NELFUND’s official X handle.
According to the Fund, Tinubu praised the agency for widening access to tertiary education by removing one of the biggest obstacles facing students—financial hardship.
The President also commended Sawyerr for providing the leadership that has driven the successful implementation of the initiative, noting that the programme is already transforming the educational prospects of millions of young Nigerians.
“President Bola Ahmed Tinubu yesterday received the Chairman of NELFUND, Mr Jim Ovia, alongside the Managing Director/Chief Executive Officer of NELFUND, Mr Akintunde Sawyerr, in Abuja.
“During the meeting, President Tinubu commended NELFUND for its remarkable strides in expanding access to higher education through the successful implementation of the Student Loan Scheme.
The President also praised the leadership of the Managing Director/CEO, Mr Akintunde Sawyerr, for driving the initiative and ensuring that millions of Nigerian students now have access to quality education without the burden of financial constraints”, the agency stated.
NELFUND disclosed that it has now disbursed more than ₦303 billion in interest-free student loans since the commencement of the programme, benefiting over 1.64 million students across public tertiary institutions nationwide.
The Fund described the achievement as a significant milestone in the Federal Government’s efforts to democratise access to higher education, reduce the financial burden on students and their families, and build a more skilled workforce.
It added that the intervention remains a key pillar of President Tinubu’s Renewed Hope Agenda, which prioritises investment in education, youth empowerment and long-term national development.
Transforming Higher Education Financing
The Student Loan Scheme represents one of the Federal Government’s flagship social intervention programmes designed to ensure that no qualified Nigerian is denied higher education because of financial constraints.
NELFUND was established following the enactment of the Student Loans (Access to Higher Education) Act, signed into law by President Tinubu in 2023 and subsequently amended in 2024 to broaden eligibility, strengthen governance and improve implementation.
The Fund is responsible for receiving, processing and disbursing interest-free education loans to qualified students in universities, polytechnics, colleges of education and other approved public tertiary institutions across Nigeria.
Unlike conventional commercial loans, the facility is interest-free and is intended to cover institutional charges and other approved educational expenses for eligible students enrolled in public tertiary institutions.
Education stakeholders have described the initiative as a landmark reform capable of improving enrolment, reducing dropout rates and expanding opportunities for students from low-income households.
The latest disbursement figures underscore the rapid expansion of the scheme, which the Federal Government says is central to its strategy of improving educational access, developing human capital and supporting economic growth through an educated and productive youth population.
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