The Tinubu Media Support Group (TMSG) has described the achievement of over one million beneficiaries by the Nigerian Education Loan Fund (NELFUND) within 23 months as a major milestone and a game changer in Nigeria’s education sector.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group said the student loan scheme had already transformed access to tertiary education for many Nigerians who might otherwise have been unable to afford it.
According to the group, NELFUND has recorded 1,164,222 beneficiaries and disbursed ₦206.29 billion in student loans since the initiative was launched in April 2024 under the administration of President Bola Tinubu.
TMSG noted that the achievement was significant considering that the agency had little institutional framework to build upon at inception.
“It is gratifying to note that in less than two years of its launch, the Nigerian Education Loan Fund has disbursed ₦206.29 billion in student loans to 1,164,222 beneficiaries,” the statement said.
The group recalled that President Tinubu fulfilled a key campaign promise by signing the student loan bill shortly after assuming office, before approving a more comprehensive legislation passed by the 10th National Assembly in March 2024. The revised law expanded the programme to include both tuition payments and student upkeep allowances.
TMSG said data from the NELFUND portal as of March 5, 2026, showed that 270 tertiary institutions across the country were currently benefiting from the programme.
It added that ₦128.84 billion had been paid directly to institutions as tuition fees on behalf of students, while ₦77.45 billion had been disbursed as upkeep allowances to beneficiaries.
“This is a verifiable and measurable activity by a government working to ensure that no one is left behind in the pursuit of higher education,” the group stated.
The organisation also reiterated that the loans remain interest-free, with repayment scheduled to begin two years after completion of the National Youth Service, conducted by the National Youth Service Corps (NYSC), and only after beneficiaries secure employment.
According to TMSG, beneficiaries who are unable to secure paid jobs after the waiting period can request an extension by submitting an affidavit confirming their employment status.
The group commended the NELFUND management for consistently countering misinformation about the student loan initiative and urged Nigerians to support the programme.
It also expressed optimism that the number of beneficiaries would double before the end of President Tinubu’s first term, as more students gain confidence in the scheme.
TMSG further called on Nigerians to continue supporting the administration’s policies aimed at expanding opportunities and improving access to education across the country.
