NELFUND Records 8,397 Student Loan Applications in One Day
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The Nigerian Education Loan Fund (NELFUND) received 8,397 student loan applications on Friday, November 13, 2026, highlighting the sustained demand among Nigerian students for financial support through the Federal Government’s Student Loan Scheme.
The latest data, published in the Fund’s Student Loan Disbursement Report generated on Saturday, November 14, 2026, showed that total applications had risen to 2,470,176 since the student loan portal opened on May 24, 2024.
The daily application figure reflects the continued interest in the interest-free loan initiative, which is designed to assist eligible Nigerian students in meeting the financial demands of higher education.
According to the report, NELFUND had disbursed a total of ₦375.28 billion under the scheme as of October 29, 2026.
A breakdown of the disbursements showed that ₦194.77 billion was paid directly to 320 beneficiary institutions to cover students’ tuition and other institutional fees, while ₦180.51 billion was released as upkeep allowances to student beneficiaries.
NELFUND also disclosed that it had disbursed 1,675,474 student loans cumulatively since the programme began.
The figures underscore the expanding coverage of the Federal Government’s student financing initiative, introduced under President Bola Ahmed Tinubu’s Renewed Hope Agenda to reduce financial obstacles to higher education and create greater learning opportunities for Nigerian youths.
With applications exceeding 2.47 million, the scheme continues to attract students seeking financial assistance to pursue their academic goals without being hindered by economic constraints.
Commenting on the initiative, NELFUND’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, praised President Tinubu for the vision and political commitment that led to the establishment of the student loan scheme.
He described the programme as a far-reaching intervention that is restoring hope to young Nigerians and widening access to higher education.
Sawyerr said the initiative shows the president’s determination to ensure financial difficulties do not prevent qualified students from accessing tertiary education.
According to him, the scheme is dismantling longstanding financial barriers, strengthening equal access to higher education and providing students from less privileged backgrounds with opportunities to achieve their academic ambitions.
He further emphasised that the programme is not merely a financial support mechanism but a strategic investment in Nigeria’s human capital, youth empowerment and long-term economic development.
He noted that by enabling young Nigerians to pursue tertiary education regardless of their financial backgrounds, the initiative is helping to build a more inclusive, educated and prosperous society.
