The Nigerian Education Loan Fund (NELFUND) says applications for the federal student loan scheme have surpassed one million, making it one of the most widely embraced social intervention programmes under the Bola Tinubu administration.

In a statement issued on Sunday, Oseyemi Oluwatuyi, the Director of Strategic Communications at NELFUND, said the milestone was achieved less than a year after the scheme’s launch on May 24, 2024. He labeled the development as a strong indicator of growing national confidence in the initiative.

According to NELFUND, more than ₦116 billion has been disbursed to students in universities, polytechnics, and colleges of education across the country.

The disbursements cover both tuition and upkeep allowances aimed at easing the financial burden on learners.

Akintunde Sawyerr, the agency’s Managing Director, attributed the success of the initiative to President Tinubu’s Renewed Hope agenda, which prioritises inclusive access to education.

“Crossing the one-million mark represents more than data; it symbolises renewed hope for a generation of Nigerians determined to rise above financial barriers to education,” Sawyerr stated.

“It is a testament to visionary leadership, sound policy design, and the collective effort of all stakeholders driving this transformative agenda.”

NELFUND reaffirmed its commitment to improving access, transparency, and efficiency in the loan process, pledging that every qualified Nigerian student — regardless of background or location — will be able to benefit from the scheme.

The agency emphasized that the loan programme is non-discriminatory and inclusive, cutting across all religious and ethnic lines while promoting unity through equal educational opportunities.

“NELFUND remains focused on ensuring that no Nigerian is denied the opportunity to learn, grow, or contribute to national progress because of financial limitations,” the statement added.