Nigerian President Bola Ahmed Tinubu has announced that 510,000 students received a loan of N99.5 billion and an allowance of N44.7 billion under the Nigerian Education Loan Fund (NELFUND).

“Approximately 510,000 students across 36 states and the FCT have benefited from this initiative, covering 228 higher institutions. As of September 10, the total loan disbursed was N99.5 billion, while the upkeep allowance stood at N44.7 billion,” said Tinubu.

The President made the announcement while addressing the nation during a national broadcast on the country’s 65th Independence Anniversary on Wednesday morning.

Tinubu established the Nigerian Education Loan Fund (NELFUND) when he signed the Student Loans (Access to Higher Education) Act, 2024, into law on April 3, 2024.

At the time, the cost of university tuition fees in federal universities had increased, and many students were on the verge of dropping out.

His aim was to provide interest-free loans to eligible Nigerian students to cover institutional fees and living expenses, thereby enhancing access to higher education.

The President also assured Nigerian youths that his administration will continue to support them in their efforts to excel.

“I have a message for our young people. You are the future and the greatest assets of this blessed country. You must continue to dream big, innovate, and conquer more territories in your various fields of science, technology, sports, and the art and creative sector.”