NASS, NELFUND Move to Scale Student Loan Scheme to 7 Million Beneficiaries Amid Push for National Expansion

The National Assembly (NASS) has deepened collaboration with the Nigerian Education Loan Fund (NELFUND) to significantly expand Nigeria’s student loan scheme from 1.6 million direct beneficiaries to a projected 7 million, in what lawmakers describe as a strategic step toward broad-based national transformation.

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

The Managing Director of NELFUND, Akintunde Sawyerr, said the scheme, which has so far recorded disbursements of about ₦282 billion, is already reshaping access to higher education and could reach far more Nigerians if expanded into skills acquisition, technical and vocational education, and training (TVET).

According to him, the programme currently has about 1.6 million direct beneficiaries, with an estimated indirect reach of nearly 10 million people 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 added that the next phase of the initiative is expected to scale up coverage to as many as 7 million beneficiaries across tertiary institutions and vocational training centres nationwide, describing it as essential for driving “real national transformation.”

Speaking at the event, Deputy Senate President Barau Jibrin described the sensitisation campaign as timely, stressing that awareness remains critical to the success of the programme.

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

Similarly, Chairman of the House Committee on Students Loans, Scholarships and Tertiary Education Financing, Hon. Ifeoluwa Eyindero, said the initiative reflects the government’s commitment to widening access to education financing.

He noted that over 1.5 million students have already benefited from the scheme, with more than ₦282 billion disbursed to support Nigerian scholars.

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

Earlier, Chairman of the Senate Committee on TETFund, Senator Muntari Dandutse, said the programme aligns with the National Assembly’s constitutional oversight role and its commitment to equitable access to education across the country.

He said the collaboration with NELFUND is aimed at ensuring that more Nigerians, particularly indigent students, can access education without financial barriers.

The expanded outreach is expected to further position the student loan scheme as a central pillar in Nigeria’s human capital development strategy.