The Director, Strategic Communications of Nigerian Education Loan Fund (NELFUND), Oseyemi Oluwatuyi, made the announcement on Sunday through the official portal that the NELFUND has surpassed one million students loan applications as Nigerians across the country seek assistance for their tertiary education costs.
The student loan initiative, established by the Federal Government through the Student Loans Act 2023, aims to alleviate financial barriers by providing interest-free loans for tuition and upkeep to students in public tertiary institutions.
Since the official opening of the application portal in May 2024 for the 2024/2025 academic session and continuing into the 2025/2026 session, more than a million applications have been received. The funds are administered by NELFUND and are repayable after graduation, offering students significant relief amidst rising education costs. The government stresses that the loans are interest-free and eligibility requires strict documentation and registration on the NELFUND portal.
The NELFUND team also revealed that over ₦116 billion has been disbursed to students in universities, polytechnics, and colleges of education across Nigeria, covering tuition and upkeep allowances.
Managing Director Akintunde Sawyerr said the milestone reflects President Bola Tinubu’s Renewed Hope agenda to expand access to higher education.
“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,”he said.
“It is a testament to visionary leadership, sound policy design, and the collective efforts of all stakeholders driving this transformative agenda,” he said.
The program has been applauded for bridging social gaps and providing a platform for better learning opportunities regardless of students’ economic status. Though celebrated widely, questions remain about the repayment plans, especially considering unemployment rates among graduates. The initiative continues to evolve with government and educational stakeholders focusing on transparency, engagement, and sustainability to ensure the program’s long-term success.
Students interested in applying are encouraged to visit the official NELFUND website to create profiles and submit their applications within the stipulated academic session deadlines. NELFUND remains committed to supporting Nigerian students and ensuring access to quality education through efficient, transparent loan processes.
