The Nigerian Education Loan Fund (NELFUND) on Sunday said that the student loan scheme has crossed one million applications on its official portal.

The Fund noted that this marked one of the biggest uptake levels for a government-backed social scheme since the start of President Bola Tinubu’s administration.

NELFUND, in a statement by the Director, Strategic Communications, Oseyemi Oluwatuyi, stated that the milestone comes barely one year after the programme’s launch on 24 May 2024, describing it as proof that the student loan initiative is gaining strong national traction and public trust.

It said that over ₦116bn has so far been disbursed to students across universities, polytechnics and colleges of education in Nigeria, covering institutional charges and upkeep allowances.

The Managing Director of NELFUND, Akintunde Sawyerr, said the development reflected the impact of the President Tinubu Renewed Hope policy drive on access to higher education.

The statement explained: “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.”

NELFUND reiterated that it is committed to continuous process improvement to make sure “every qualified Nigerian student, regardless of background or location, can access education funding with transparency, efficiency, and dignity.”

The agency described the programme as non-discriminatory — saying it benefits Nigerians across religions and ethnic backgrounds — and is helping to unify national aspirations through equal learning opportunities.

It said it remains focused on ensuring “no Nigerian is denied the opportunity to learn, grow or contribute to national progress because of financial limitations.”