The Nigerian Education Loan Fund (NELFUND) has announced that it has received more than one million student loan applications since the official launch of the scheme on May 24, 2024.

According to the agency, over ₦116 billion has so far been disbursed to beneficiaries across Nigeria’s universities, polytechnics, and colleges of education to cover institutional fees and upkeep allowances.

In a statement released on Monday, the Director of Strategic Communications at NELFUND, Oseyemi Oluwatuyi, described the achievement as a significant milestone in President Bola Tinubu’s Renewed Hope Agenda, underscoring the government’s commitment to human capital development and inclusive growth.

NELFUND Managing Director and Chief Executive Officer, Akintunde Sawyerr, hailed the development 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 said. “It is a testament to visionary leadership, sound policy design, and the collective efforts of all stakeholders driving this transformative agenda.”

The Fund reaffirmed its dedication to ensuring transparency, efficiency, and accessibility in its operations so that every qualified student—regardless of background or location—can benefit from the programme.

“With this milestone, NELFUND stands as a shining example of a government initiative that is working, authentic, effective, and truly transformative,” the statement added.

The agency emphasized that the loan scheme remains a non-discriminatory programme open to all Nigerians, irrespective of faith or ethnicity, aimed at unifying the country through equal access to education and opportunity.

As the scheme continues to expand, NELFUND reiterated its mission to ensure that no Nigerian is denied the opportunity to learn, grow, or contribute to national progress because of financial constraints.