The Nigerian Education Loan Fund (NELFUND) has achieved a significant milestone, surpassing one million student loan applications since its official launch on May 24, 2024. Alongside this remarkable feat, the fund has disbursed over ₦116 billion in loans, covering tuition fees and upkeep allowances for students across Nigerian universities, polytechnics, and colleges of education.
NELFUND was established to implement the Nigeria Student Loan Scheme, a visionary initiative signed into law by President Bola Tinubu in April 2024 under the Renewed Hope Agenda. The scheme offers interest-free loans to students in public tertiary institutions amid efforts to remove financial barriers to higher education and promote inclusive growth. Applicants come from diverse backgrounds, reflecting the fund’s commitment to equitable access to education.
According to Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND, this milestone stands as a testament to the administration’s dedication to human capital development and the collective commitment of stakeholders driving the transformative agenda of education financing in Nigeria. The Managing Director/CEO of NELFUND, Akintunde Sawyerr, described crossing the one-million application mark as a “defining moment” and a representation of renewed hope for Nigerian students determined to overcome financial challenges.
By October 9, 2025, the fund had directly paid ₦65.3 billion to 239 institutions for tuition fees, while an additional ₦51.1 billion was disbursed as upkeep allowances, bringing the total disbursement to over ₦116 billion. As of late October 2025, about 624,535 students had benefited from the programme. The fund continues to process new applications, with the application portal open for the 2025/2026 academic session from October 23, 2025, to January 31, 2026, encouraging fresh students to apply using their Admission Number or JAMB Registration Number.
NELFUND’s student loan scheme is designed to ensure that loan beneficiaries repay their loans after completing their education and securing employment, to maintain the programme’s sustainability for future beneficiaries. The fund emphasizes transparency, efficiency, and dignity in its operations, aiming to continuously improve accessibility to education funding for all qualified Nigerian students regardless of their socio-economic background or geography.
The real-life impact of NELFUND’s initiative is substantial. It alleviates financial stress on families and enables thousands of students to pursue higher education without the burden of immediate tuition payment. Students who receive funding can focus on their studies and personal development, contributing positively to Nigeria’s future workforce and socio-economic development.
Looking ahead, the initiative serves as a crucial pillar in Nigeria’s education sector reforms, aligned with goals to expand access to tertiary education and foster a skilled, educated populace. The ongoing commitment by NELFUND and the government suggests continued support and expansion of the loan scheme, furthering President Tinubu’s vision of building human capital as a foundation for national progress.
For prospective students, the next steps involve timely application through the official NELFUND portal, ensuring they meet eligibility criteria and providing accurate institutional and personal details as required. Observers and education experts may watch closely how repayments are managed in the coming years, as this will determine the fund’s long-term viability and ability to support successive generations.
In summary, NELFUND’s crossing of the one million application threshold and disbursement of ₦116 billion mark transformative progress in Nigerian education finance, reflecting both the urgent need and effective response to support millions of students. The programme stands as a beacon of hope, inclusion, and opportunity for Nigerian youth seeking higher education amid economic challenges. The government and NELFUND’s continued vigilance and innovation will be essential to sustain this momentum and ensure the promise of equitable education financing reaches every corner of the nation.
