The Nigerian Education Loan Fund has recorded more than one million student loan applications less than two years after the scheme was launched, marking a major step in the Federal Government’s effort to expand access to higher education.
The agency confirmed the milestone on Sunday, November 2, 2025, noting that the online application platform, which went live on May 24, 2024, continues to attract thousands of new entries daily.
Managing Director and Chief Executive Officer of NELFUND, Akintunde Sawyerr, said the surge reflects a growing awareness of the loan programme and the increasing demand for financial support among students in public tertiary institutions across the country.
Official figures show that the Fund has so far disbursed more than ₦116 billion to eligible applicants in universities, polytechnics and colleges of education.
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The disbursements cover tuition fees and upkeep allowances for students who meet the requirements.
Sawyerr said NELFUND has strengthened its verification and processing systems to improve transparency and efficiency as more students enrol in the scheme.
The loan fund, created under the Students Loans (Access to Higher Education) Act signed by President Bola Ahmed Tinubu on April 3, 2024, is a key component of the administration’s Renewed Hope agenda to promote inclusive education and human capital development