Nigeria Gives $109M in Student Loans to 800,000 Students

Over 800,000 Nigerian students can now afford college thanks to a government loan program that's already distributed 174 billion naira (about $109 million) in less than a year. The Nigerian Education Loan Fund launched in May 2024 with a simple mission: make sure no student has to skip higher education because their family can't afford it.

The program works by paying tuition fees directly to schools and giving students 20,000 naira (about $12) every month for living expenses. So far, 100 billion naira has gone straight to 263 universities, polytechnics, and colleges across the country, while 70 billion naira has helped students cover food, housing, and daily needs.

Managing Director Akintunde Sawyerr shared the numbers at a student event in Ogun State this week. He revealed that applications keep flooding in at a rate of 6,000 to 7,000 every single day from students eager to continue their education.

President Bola Tinubu created the fund because he believes education is the strongest weapon against poverty. With over 70 percent of Nigeria's population under age 35, investing in their education means building a workforce that can drive the country's development and attract future investment.

Students don't have to stress about immediate repayment either. The loan terms give graduates two full years after finishing school to find work before they need to start paying anything back.

The Ripple Effect

At Ogun State Institute of Technology alone, 200 students have already received loans, with 400 more applications pending for the current academic year. Rector Dr. Abiodun Oluseye, who grew up understanding financial struggle, called education "the way society heals, progresses, and moves forward."

The program removes a massive barrier that has kept talented young Nigerians out of classrooms for generations. When students graduate with skills instead of being held back by poverty, entire families and communities benefit from their success.

Local leaders like Oba Nosiru Teslim Olayemi praised the initiative for making life easier for both parents and students across the country.

In a nation where educational access has long depended on family wealth, 800,000 students now have a fair shot at building their futures.