Student Loan Scheme Records Over 500,000 Beneficiaries, Says FG
The Federal Government says more than 500,000 students in Nigerian tertiary institutions are currently benefitting from the National Education Loan Fund (NELFUND), a landmark scheme designed to cover tuition and upkeep costs.
Draymo
The Federal Government has announced that over 500,000 students across Nigerian universities, polytechnics, and colleges of education are currently benefitting from the National Education Loan Fund (NELFUND). Minister of Information Mohammed Idris described the scheme, which covers both tuition and upkeep fees, as unprecedented, highlighting it as part of President Bola Tinubu’s Renewed Hope Agenda.Launched in July 2024 after the signing of the Student Loans Act, the initiative provides interest-free loans to eligible students, aimed at expanding access to higher education and easing financial burdens. Idris noted that the administration is also investing in key sectors, including health, infrastructure, agriculture, energy, and youth development, to drive national renewal.
The Federal Government says over 500,000 Nigerian students are benefitting from the National Education Loan Fund (NELFUND).As we speak, more than 500,000 students of tertiary institutions, universities, polytechnics and colleges of education are already benefitting from NELFUND,” the Minister of Information and National Orientation, Mohammed Idris, announced in a world press conference in Abuja to mark Nigeria’s 65th Independence Anniversary.
Idris said the scheme, which pays both tuition and upkeep fees, was “unprecedented in our history.”
He said President Bola Tinubu’s administration was pushing reforms under the Renewed Hope Agenda to drive growth and stability.
“President Bola Ahmed Tinubu is a committed, courageous and visionary leader dismantling stubborn cogs in the wheel of our national progress,” Idris said.
He noted that the administration was investing in education, health, infrastructure, agriculture, energy, and youth development to lay the building blocks for national renewal.
President Bola Tinubu formally launched the Nigerian Student Loan Scheme on July 17, 2024, following the signing of the Student Loans (Access to Higher Education) Act on April 3, 2024.
The scheme, managed by NELFUND, provides interest-free loans to eligible students. The initiative is designed to expand access to education and ease financial pressures on young Nigerians.
