The National Assembly and the Nigerian Education Loan Fund (NELFUND) have intensified efforts to scale up the student loan initiative, with plans to expand beneficiaries from 1.6 million to at least 7 million students nationwide.
The Managing Director and Chief Executive Officer of NELFUND, Mr Akintunde Sawyerr, disclosed this on Monday during a National Sensitisation Programme on the Students Loan Scheme organised by the Senate Committee on Tertiary Institutions and TETFund.
The programme is part of a broader collaboration aimed at advancing national development through improved access to education financing.
Sawyerr described the student loan initiative as one of the key achievements of the administration of President Bola Ahmed Tinubu, noting that it is already delivering measurable impact across the education sector.
According to him, about 1.6 million Nigerian students have so far benefited directly from the scheme, with ripple effects extending to local economies around tertiary institutions.
“Beyond the beneficiaries themselves, the funds disbursed through this programme continue to stimulate economic activities in and around tertiary institutions, creating wider community impact,” he said.
However, Sawyerr stressed that the current coverage remains insufficient to achieve the scale of transformation required in Nigeria’s education and human capital development system.
“While 1.6 million beneficiaries is a significant milestone, it is not enough to transform Nigeria. We need at least seven million Nigerians benefiting from this programme,” he said.
He further noted that with the expansion into skills acquisition and Technical and Vocational Education and Training (TVET), as many as 50 million Nigerians could eventually benefit from the intervention.
Sawyerr urged stakeholders, including educational institutions, community leaders, and government officials, to intensify awareness and encourage eligible students to take advantage of the scheme.
Speaking at the event, Deputy Senate President, Sen. Jibrin Barau, called on parents and students to stay informed about the programme and actively participate in it.
He described the initiative as a major government intervention that provides financial support to students who would otherwise struggle to access higher education.
Barau also commended the nationwide sensitisation drive, noting that engagement across all regions would improve awareness and participation.
Chairman of the House Committee on Student Loans, Scholarships and Tertiary Education Financing, Rep. Ifeoluwa Eyindero, said the programme represents a vital opportunity for students to pursue their academic goals without financial constraints.
He expressed optimism that increased sensitisation would further boost enrollment and participation in the scheme.
Minister of State for Education, Prof. Suwaiba Ahmad, said the initiative comes at a crucial time when many capable students still face financial barriers to higher education.
She said the establishment of NELFUND reflects the Federal Government’s commitment to ensuring that no qualified Nigerian is denied access to tertiary education due to financial limitations.
Earlier, Chairman of the Senate Committee on TETFund, Sen. Muntari Dandutse, described the student loan scheme as a “lifeline” designed to eliminate financial obstacles to higher education.
He said many students remain unaware of the application process and eligibility requirements, necessitating sustained public sensitisation.
“This is a lifeline, not a burden. This is your future, funded by your nation,” he said.
Dandutse added that the National Assembly, in collaboration with the Federal Government, is working to establish NELFUND offices across all six geopolitical zones to improve accessibility and service delivery.
He explained that the North-Central sensitisation covered Plateau, Nasarawa, Benue, Kogi, Kwara, Niger States, and the Federal Capital Territory (FCT).
