President Bola Ahmed Tinubu has disclosed that over 510,000 Nigerian students have so far benefited from the Federal Government’s student loan programme, with a total disbursement of ₦99.5 billion.
In his 65th Independence Anniversary broadcast on Wednesday, the President said the scheme, managed by the Nigeria Education Loan Fund (NELFUND), was introduced to ease access to higher education and provide financial relief for young Nigerians across the country.
According to him: “We created NELFUND to support students with loans for their educational pursuits. Approximately 510,000 students across 36 states and the FCT have benefited from this initiative, covering 228 higher institutions. As of September 10, the total loan disbursed was ₦99.5 billion, while the upkeep allowance stood at ₦44.7 billion.”
The programme, which began in 2023, is designed to assist undergraduates and other higher education students in covering tuition fees and living expenses, thereby reducing financial barriers that often prevent Nigerians from completing their studies.
President Tinubu reaffirmed his administration’s commitment to youth empowerment through access to affordable education, stressing that the initiative is part of his broader Renewed Hope Agenda to build a knowledge-driven economy.
He assured that his government would continue to expand the scheme to reach more students in need, while also working with institutions and stakeholders to strengthen its delivery and sustainability.