Nigeria expands student loan program to reach 7 million students

Nigeria’s National Assembly (NASS) and the Nigerian Education Loan Fund (NELFUND) have agreed to broaden the student loan scheme from the current 1.6 million direct beneficiaries to at least seven million. The expansion will also target skills acquisition and Technical and Vocational Education and Training (TVET), potentially affecting up to 50 million Nigerians.

NELFUND Managing Director Akintunde Sawyerr said N282 billion has already been disbursed, benefitting 1.6 million students directly and nearly 10 million lives when families are considered. Deputy Senate President Barau Jibrin, House Committee chair Ifeoluwa Eyindero, and Senate Committee on TETFund chair Muntari Dandutse all praised the sensitisation campaign and urged greater awareness of the scheme. The initiative is presented as a cornerstone of President Bola Tinubu’s national transformation agenda, aimed at removing financial barriers to tertiary education and supporting broader economic activity around higher‑learning institutions.