The Nigerian Education Loan Fund (NELFUND) has received over one million student loan applications since its launch on May 24, 2024, disbursing more than ₦116 billion to undergraduates across universities, polytechnics, and colleges nationwide.

The milestone marks the largest rollout of tertiary education financing in Nigeria’s history and reflects the federal government’s push to expand access under President Bola Tinubu’s Renewed Hope Agenda.

Managing Director Akintunde Sawyerr described the figures as “more than data,” calling them a symbol of “renewed hope for a generation determined to rise above financial barriers.” The loans cover tuition and living expenses, targeting low-income students regardless of religion or ethnicity.

Director of Strategic Communications Oseyemi Oluwatuyi said the program’s rapid uptake shows “strong national buy-in,” adding that disbursements are helping ensure “no Nigerian is denied the chance to learn or contribute due to financial limitations.” NELFUND pledged improvements in transparency and efficiency, including digital tracking systems to reduce processing delays.

The scheme was introduced to address a 70% youth funding gap in tertiary education. While educators have praised the initiative, critics have raised concerns over loan caps and repayment terms, especially amid 34% inflation. NELFUND officials said the fund is considering expansion to postgraduate levels.

The agency said it remains committed to inclusive funding and national unity through shared educational opportunities.