The Tinubu Media Support Group (TMSG) has described the new height attained by the Nigerian Education Loan Fund (NELFund) as a huge milestone and impressive game-changer in the nation’s educational funding initiative.
NELFund reached 1, 164, 222 beneficiaries in just twenty-three months since its launch in April 2024, changing the lives of several beneficiaries of the scheme who would have been shut out of tertiary educational opportunities nationwide.
In a statement signed by its Chairman, Emeka Nwankpa and Secretary Dapo Okubanjo, the group described the agency as one of the driving forces of the Renewed Hope agenda of the President Bola Tinubu administration.
The statement read in part: “It is gratifying to note that in less than two years of its launch, the NELFund has disbursed N206.29 billion in student loans to 1,164,222 beneficiaries.
“This is not a feat to be dismissed with a wave of the hand because the new agency had little or nothing to build on after its creation by President Bola Tinubu within his first few months in office.
“We acknowledge that on assuming office, the President vowed to keep to his promise of introducing student loans with a view to ensuring that indigent students are not denied access to tertiary education.
“We invite Nigerians to note that within his first few days in office, he signed into law, a student loan bill that was passed by the previous national assembly.
“This was however replaced by a more robust and expansive bill, encompassing tuition and upkeep allowance, which was passed by the current 10th National Assembly in March 2024 and consequently signed into law by President Tinubu the following month.
“We are aware that NELFund has always been one of the flagship programmes of the administration in the education sector, so it did not come as a surprise that it is growing from strength to strength.
“We are aware that when it kicked off, several unscrupulous individuals went out of their way to demonise it in a bid to discourage many students from buying into it, but a cursory look at the NELFund portal as of March 5 2026 indicates that 270 institutions are benefitting from the programme so far.
“In addition, N128.84 billion has been paid to those institutions as tuition fees on behalf of 1.16 million students while N77.45 billion has been disbursed as upkeep allowances to student beneficiaries, bringing the combined disbursement to N206.29 billion in only 23 months.
“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.
“We dare say that by the time the Tinubu administration completes its first term in office, the number of beneficiaries of student loans would have doubled.
“This is because more Nigerian students are now convinced that it is real especially as it has touched many lives across the country.
“For the avoidance of doubt, the loans remain interest-free and repayments by beneficiaries would not start until 2 years after completion of the National Youth Service Programme (NYSC) upon securing employment.
“We are also aware that a beneficiary may request an extension by providing an affidavit indicating that they are not in paid employment.”
The group praised NELFund’s management for being proactive enough to continually shoot down attempts to spread false narratives about the student loan initiative.
The TMSG urged Nigerians to show faith in the sincerity and ability of the Bola Tinubu government to execute more novel and people-oriented policies and programmes for the benefit of the entire nation irrespective of creed, region, religion or political affiliation.
