By Nathaniel Zaccheaus, Abuja
The Nigerian Education Loan Fund (NELFUND) has unveiled an ambitious expansion plan to increase the number of beneficiaries under the Federal Government’s student loan programme from 1.6 million to seven million, as the scheme continues to gain strong backing from the National Assembly.
The proposed expansion comes as the fund disclosed it has already disbursed more than ₦282 billion to 1.6 million students nationwide, making it one of the largest education financing interventions in Nigeria’s history.
NELFUND’s Managing Director, Akintunde Sawyerr, disclosed this on Monday at a national sensitisation programme on student loans, organised by the Senate Committee on Tertiary Education and TETFund, in collaboration with the fund, in Abuja.
The event brought together lawmakers, education stakeholders, students, and government officials to review the programme’s progress and chart strategies to increase awareness and participation nationwide.
Sawyerr said the next phase of the initiative would significantly broaden access to education financing by extending support beyond conventional tertiary institutions to include technical education, vocational training and skills acquisition programmes.
According to him, the expansion is designed to ensure that millions of young Nigerians who may not follow the traditional university route are not excluded from opportunities to acquire relevant skills and education.
He noted that while 1.6 million students have directly benefited from the programme so far, the wider social and economic impact is much greater when families and communities are taken into account.
“Today, 1.6 million Nigerian students have directly benefited from the NELFUND scheme. If we consider that the average Nigerian family consists of about five people, it means we are directly and indirectly impacting nearly 10 million lives,” Sawyerr said.
He explained that the proposed scale-up could affect up to 50 million Nigerians by improving access to education, workforce development, and economic empowerment.
The NELFUND boss appealed to lawmakers, educational institutions, and other stakeholders to support efforts to expand the programme’s reach, describing the student loan scheme as a strategic investment in Nigeria’s future.
According to him, widening access to education financing remains critical to addressing inequality, reducing school dropouts and building the skilled workforce required to drive national development.
Deputy President of the Senate, Senator Barau Jibrin, who declared the sensitisation programme open, stressed the need for aggressive public enlightenment to ensure that eligible students across the country are aware of the scheme and able to access it.
He observed that many government programmes fail to achieve their full potential because intended beneficiaries lack adequate information about their existence or application procedures.
“No matter how beneficial a programme is, if the intended beneficiaries are not adequately informed about it, its impact will be limited,” Barau said.
The Deputy Senate President urged stakeholders to take the sensitisation campaign to all six geopolitical zones of the country to maximise participation and ensure equitable access to the programme.
He described the student loan initiative as one of the most significant educational interventions introduced by the Federal Government in recent years.
Also speaking, Chairman of the House of Representatives Committee on Students Loans, Scholarships and Tertiary Education Financing, Hon. Ifeoluwa Ehindero, said the programme had already recorded substantial success since its implementation.
He noted that the disbursement of over ₦282 billion to more than 1.5 million students demonstrates the growing acceptance and effectiveness of the scheme in addressing financial barriers to higher education.
Ehindero said the National Assembly would continue to provide legislative support and oversight to ensure the programme’s sustainability, transparency and effectiveness.
Earlier, the Chairman of the Senate Committee on TETFund, Senator Muntari Dandutse, said the sensitisation programme reflected the National Assembly’s commitment to promoting inclusive access to education and strengthening oversight of government interventions in the sector.
He expressed confidence that sustained collaboration between NELFUND and the legislature would deepen public awareness of the scheme and create greater educational opportunities for students, particularly those from disadvantaged backgrounds.
Dandutse maintained that access to quality education remains one of the most effective tools for reducing poverty, promoting social mobility and driving economic growth.
The student loan programme is a flagship component of the Federal Government’s education reform agenda, aimed at eliminating financial barriers that prevent qualified Nigerians from pursuing higher education.
