The Nigerian Education Loan Fund (NELFUND) has announced a major milestone, revealing that it has received over one million applications on its student loan portal since its launch on May 24, 2024.

In a statement signed by Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND, the feat underscores the success of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which seeks to expand access to higher education and rebuild public trust in government-led social empowerment programmes.

According to official data from the Fund, a total of 1,004,276 applications have been processed to date, with 624,535 students already benefiting from the loan scheme. The beneficiaries are spread across 239 tertiary institutions, including universities, polytechnics, and colleges of education nationwide.

So far, the Fund has disbursed ₦116.4 billion under the programme — ₦65.3 billion for institutional fee payments and ₦51.1 billion as upkeep allowances to students.

Speaking on the development, Akintunde Sawyerr, Managing Director and Chief Executive Officer of NELFUND, described the achievement as a “defining moment” in Nigeria’s pursuit of 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. It is a testament to visionary leadership, sound policy design, and the collective efforts of all stakeholders driving this transformative agenda,” Sawyerr said.

He reaffirmed NELFUND’s commitment to continuous process improvement, ensuring that every qualified Nigerian student — regardless of background, faith, or location — can access higher education funding transparently and efficiently.

The Fund also reiterated that the student loan scheme is a non-discriminatory initiative designed to promote national unity and shared progress through equal access to education.

“As we expand our reach, our resolve remains the same — no Nigerian should be denied the opportunity to learn, grow, or contribute to national development because of financial limitations,” the statement added.

For inquiries, NELFUND urged students and stakeholders to reach out via email at info@nelf.gov.ng or through its verified social media platforms.