The Tinubu Media Support Group (TMSG) has commended the Nigerian Education Loan Fund for surpassing one million beneficiaries within 23 months of its establishment, describing the achievement as a major milestone in Nigeria’s education financing landscape.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group noted that the student loan scheme has significantly expanded access to tertiary education for indigent Nigerians.
According to TMSG, NELFUND has disbursed a total of ₦206.29 billion to 1,164,222 beneficiaries since its launch in April 2024. The group emphasized that the initiative aligns with the Renewed Hope agenda of President Bola Ahmed Tinubu, particularly in improving access to higher education.
The statement highlighted that the fund was created shortly after Tinubu assumed office, following the signing of a student loan bill into law. It added that the legislation was later expanded by the 10th National Assembly in March 2024 to include both tuition and upkeep allowances.
Providing a breakdown of disbursements, TMSG revealed that ₦128.84 billion has been paid directly to 270 tertiary institutions as tuition fees, while ₦77.45 billion has been distributed to students as upkeep allowances.
The group described the scheme as “verifiable and measurable,” stressing that it has continued to gain public trust despite initial skepticism and misinformation surrounding its implementation.
TMSG also reiterated that the loans are interest-free, with repayment scheduled to begin two years after beneficiaries complete the National Youth Service Corps (NYSC) programme and secure employment. It added that provisions exist for repayment extensions in cases of unemployment.
Looking ahead, the group expressed optimism that the number of beneficiaries would double before the end of the administration’s first term, citing growing awareness and acceptance of the scheme among Nigerian students.
The group further praised NELFUND’s management for actively countering false narratives and urged Nigerians to continue supporting government initiatives aimed at expanding access to education nationwide.
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