A member of the Board of the Nigerian Education Loan Fund, Nigerian Education Loan Fund, Umar Faruk-Lawal, has said the Federal Government’s student loan programme is easing long-standing financial barriers that have limited access to higher education in Nigeria.

He disclosed that over N206 billion has been disbursed by NELFUND to both tertiary institutions and students within the past two years.

Lawal, who represents students on the agency’s board, said the initiative introduced under President Bola Tinubu is already transforming lives by enabling students from low-income households to pursue higher education without the burden of tuition and related costs.

Speaking to journalists in Abuja on Thursday, he explained that the interest-free loan scheme has expanded access to universities, polytechnics, and colleges of education, allowing many students to continue their studies despite economic hardship.

He noted that before the establishment of NELFUND, numerous admitted students were often forced to abandon their education due to financial constraints.

“Today, students can focus on their academic pursuits without the constant fear of dropping out because of financial difficulties. The intervention of President Bola Ahmed Tinubu through NELFUND has changed the narrative for thousands of Nigerian students,” he said.

Lawal added that the scheme has particularly supported students from disadvantaged backgrounds, many of whom previously considered tertiary education out of reach.

“Many students can now aspire to study courses of their choice in tertiary institutions knowing fully well that NELFUND will cater for their tuition fees while also providing monthly upkeep allowances to support their living expenses,” he said.

He also urged parents and guardians to encourage their children to take advantage of the scheme, stressing that no eligible student should be denied education due to financial hardship.

“I want to encourage parents to continue motivating their children to embrace this opportunity. They should not allow financial challenges to kill their dreams of obtaining tertiary education because the government has provided a reliable support system through NELFUND,” he added.

Lawal further cited success stories from beneficiaries, including Oladepo Olugbenga, the overall best graduating student of Ladoke Akintola University of Technology, who reportedly graduated with a first-class degree and a 4.89 CGPA on a 5.0 scale.

According to him, Olugbenga publicly acknowledged that NELFUND support helped him overcome serious financial challenges during his studies.

He described such testimonies as evidence of the programme’s impact and the government’s commitment to human capital development.

Lawal also commended the management of NELFUND for transparency and efficiency in implementing the scheme, urging beneficiaries to maintain academic excellence.

He revealed that over 1.16 million students across 270 tertiary institutions have benefited since the programme began.

Of the total N206 billion disbursed, N128.84 billion was paid directly to institutions as tuition, while N77.45 billion went to students as upkeep allowances.

Lawal said the figures reflect the government’s growing investment in education and its efforts to ensure equal opportunity regardless of background.

He expressed confidence that increased awareness of the programme will lead to more beneficiaries and further strengthen Nigeria’s education sector.

The NELFUND initiative, established under the Student Loans Act signed by President Bola Tinubu, provides interest-free loans to eligible students in tertiary institutions, aiming to reduce dropout rates and expand access to higher education nationwide.