NASS, NELFUND Push Bold Expansion of Student Loan Scheme to 7 Million Beneficiaries

The National Assembly (NASS) has entered into a stronger collaboration with the Nigerian Education Loan Fund (NELFUND) to scale up Nigeria’s student loan scheme from 1.6 million direct beneficiaries to 7 million, in a renewed push to widen access to tertiary and vocational education nationwide.

The development was highlighted on Monday at a one-day national sensitisation programme on student loans organised by the Senate Committee on Tertiary Education and TETFund in partnership with NELFUND.

Managing Director of NELFUND, Akintunde Sawyerr, disclosed that the scheme has already recorded about ₦282 billion in disbursements, describing it as a growing intervention in Nigeria’s education financing landscape.

He said the programme currently has about 1.6 million direct beneficiaries, with indirect impact reaching an estimated 10 million Nigerians when family dependents are considered.

“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 next phase of the initiative is targeted at expanding coverage to as many as 7 million beneficiaries, with a broader focus that includes skills acquisition, technical education, and vocational training.

According to him, the expansion is designed to move beyond conventional tertiary education support and serve as a catalyst for “real national transformation.”

Deputy President of the Senate, Barau Jibrin, who spoke at the event, described the sensitisation campaign as crucial to ensuring wider awareness and effective utilisation of the scheme.

“No matter how beneficial a programme is, if the intended beneficiaries are not adequately informed about it, its impact will be limited,” he said, urging that the campaign be extended across all six geopolitical zones.

Also speaking, Chairman of the House Committee on Students Loans, Scholarships and Tertiary Education Financing, Hon. Ifeoluwa Eyindero, said the initiative is already recording significant milestones.

He noted that over 1.5 million students have benefited so far, with more than ₦282 billion disbursed to support Nigerian scholars, adding that awareness remains key to sustaining the programme’s growth.

“This sensitisation programme is both timely and important, as it helps create awareness and deepen understanding of the opportunities available to students through the scheme,” he said.

Chairman of the Senate Committee on TETFund, Senator Muntari Dandutse, said the exercise reflects the National Assembly’s constitutional mandate to ensure equitable access to education and strengthen oversight of key intervention programmes.

He said the collaboration with NELFUND is aimed at ensuring indigent students across the country are not excluded from higher education due to financial constraints.

The proposed expansion is expected to significantly broaden the reach of Nigeria’s student loan framework, positioning it as a key driver of education access and workforce development.