The Nigerian Education Loan Fund (NELFUND) has announced that over one million applicants have applied for its student loan scheme, a milestone achieved less than a year after the program’s launch on May 24, 2024. According to a statement by the Director of Strategic Communications, Oseyemi Oluwatuyi, the agency has disbursed over N116 billion to students across universities, polytechnics, and colleges of education in Nigeria, covering both institutional charges and upkeep allowances.
The Managing Director of NELFUND, Akintunde Sawyerr, attributed the success to President Bola Tinubu’s Renewed Hope agenda, which aims to expand access to higher education. Sawyerr described the milestone as evidence of the scheme’s growing national traction and public trust, stating that it “symbolises renewed hope for a generation of Nigerians determined to rise above financial barriers to education.”
The student loan program is designed to be non-discriminatory, benefiting Nigerians from diverse religious and ethnic backgrounds, and promoting unity through equal learning opportunities. NELFUND emphasized its commitment to continuous improvement in service delivery, ensuring that all qualified Nigerian students can access education funding with transparency, efficiency, and dignity.
The agency’s efforts have resulted in significant progress, with over one million applicants seeking financial assistance for their education. The program’s success is a testament to the effectiveness of the Renewed Hope agenda and the collective efforts of stakeholders involved. As NELFUND continues to work towards its goals, it remains focused on ensuring that no Nigerian is denied the opportunity to learn, grow, or contribute to national progress due to financial limitations.
The achievement of this milestone is a significant step forward in expanding access to higher education in Nigeria. With the student loan scheme gaining strong national traction, it is likely to have a positive impact on the country’s education sector and economy as a whole. As the program continues to grow and evolve, it is essential to monitor its progress and assess its effectiveness in achieving its objectives.