In a significant stride toward enhancing access to higher education, President Bola Ahmed Tinubu announced that over 510,000 Nigerian students have benefited from the Federal Government’s student loan program, with a total disbursement of ₦99.5 billion. The announcement was made during his address to the nation on Wednesday, marking Nigeria’s 65th Independence Anniversary. The initiative, managed by the Nigeria Education Loan Fund (NELFUND), is a cornerstone of the administration’s efforts to alleviate financial barriers for young Nigerians pursuing tertiary education.
The student loan program, launched in 2023, aims to provide financial support to undergraduates and other higher education students across the country. It covers tuition fees and living expenses, addressing the economic challenges that often hinder students from completing their studies. President Tinubu highlighted the program’s impact, noting that it has reached approximately 510,000 students across Nigeria’s 36 states and the Federal Capital Territory (FCT). The initiative spans 228 higher institutions, ensuring broad coverage across public and private universities, polytechnics, and other tertiary institutions.
As of September 10, 2025, NELFUND has disbursed ₦99.5 billion in loans to eligible students, with an additional ₦44.7 billion allocated for upkeep allowances to support their living expenses. These funds are designed to ease the financial burden on students and their families, enabling them to focus on their academic pursuits without the constant worry of financial constraints. The program’s structure allows students to access loans with flexible repayment terms, which are typically deferred until after graduation, when beneficiaries are expected to have secured employment.
President Tinubu emphasized that the student loan scheme is a key component of his administration’s Renewed Hope Agenda, which prioritizes youth empowerment and the development of a knowledge-driven economy. “We created NELFUND to support students with loans for their educational pursuits,” he stated during the broadcast. “This initiative is a testament to our commitment to ensuring that no Nigerian is denied access to quality education due to financial limitations.” The President’s remarks underscore the government’s recognition of education as a critical driver of national development and economic progress.
The introduction of NELFUND has been widely praised for its potential to transform Nigeria’s educational landscape. By removing financial barriers, the program enables students from diverse socio-economic backgrounds to pursue higher education, thereby fostering inclusivity and equal opportunity. For many Nigerian families, the cost of tertiary education has been a significant hurdle, often forcing students to drop out or forego higher education altogether. The student loan program addresses this challenge by providing a lifeline to those who might otherwise be excluded from academic opportunities.
The program’s implementation has not been without challenges, however. Some stakeholders have raised concerns about the sustainability of the loan scheme, particularly regarding repayment mechanisms and the potential for default among beneficiaries. To address these concerns, the government has emphasized the importance of working with educational institutions, financial experts, and other stakeholders to strengthen the program’s framework. President Tinubu assured Nigerians that his administration is committed to expanding the initiative to reach even more students while ensuring its long-term viability.
NELFUND’s operations are designed to be transparent and efficient, with a clear application process for students seeking loans. Eligible applicants must be enrolled in recognized tertiary institutions and meet specific criteria, such as demonstrating financial need. The program also includes provisions for upkeep allowances, recognizing that students require support beyond tuition fees to cover accommodation, transportation, and other essential expenses. This holistic approach ensures that beneficiaries can focus on their studies without being overwhelmed by financial pressures.
The impact of the student loan program extends beyond individual beneficiaries to the broader Nigerian society. By increasing access to higher education, the initiative is expected to produce a more skilled and educated workforce, which is critical for addressing the country’s economic challenges and driving innovation. A knowledge-driven economy, as envisioned by President Tinubu, relies on a steady supply of graduates equipped with the skills and expertise to compete in a globalized world. The student loan program is a strategic investment in Nigeria’s human capital, with far-reaching implications for national development.
Looking ahead, President Tinubu reiterated his administration’s commitment to expanding the program’s reach and improving its delivery. “We will continue to work with institutions and stakeholders to ensure that NELFUND remains a sustainable and effective tool for empowering our youth,” he said. This includes exploring ways to increase funding, streamline administrative processes, and enhance awareness of the program among potential beneficiaries. The government also plans to engage with private sector partners to explore complementary initiatives that can further support students.
The success of the student loan program is a significant milestone in Nigeria’s journey toward inclusive education and youth empowerment. By providing financial support to over 510,000 students, the government has demonstrated its dedication to creating opportunities for the next generation. As the program continues to evolve, it has the potential to transform the lives of countless young Nigerians, enabling them to achieve their academic and professional aspirations while contributing to the nation’s growth.
In conclusion, the Federal Government’s student loan program, under the leadership of President Bola Ahmed Tinubu, represents a bold step toward addressing one of Nigeria’s most pressing challenges: access to higher education. With ₦99.5 billion disbursed and over half a million students benefiting, the initiative is already making a tangible impact. As the government works to expand and refine the program, it is poised to play a pivotal role in shaping a brighter future for Nigeria’s youth and the nation as a whole.
