The Nigerian Education Loan Fund (NELFUND) says applications for the federal student loan scheme have exceeded one million, marking a major milestone for one of the most widely embraced social intervention initiatives of the Bola Tinubu administration.

In a statement issued on Sunday, the Director of Strategic Communications at NELFUND, Oseyemi Oluwatuyi, said the achievement comes less than a year after the programme was launched on May 24, 2024. He described the surge in applications as a strong vote of confidence from Nigerians in the initiative’s promise.

According to NELFUND, more than ₦116 billion has already been disbursed to students in universities, polytechnics and colleges of education nationwide. The funding covers both tuition and upkeep allowances to ease the financial burden on learners and keep more young Nigerians in school.

The agency’s Managing Director, Akintunde Sawyerr, linked the programme’s success to President Tinubu’s Renewed Hope agenda, which prioritises inclusive access to education and opportunities for upward mobility.

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

NELFUND assured Nigerians that the loan application process will continue to improve in terms of transparency and efficiency. It pledged that every eligible student — regardless of background, religion, or location — will have an opportunity to benefit from the support scheme.

The agency reiterated its commitment to promoting national unity and progress through equal access to education for all.

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