John Ikeotuonye 
There is an often-repeated truth that the cost of denying young people access to education is far greater than the price of funding it. A country that fails to invest in its youth is not just limiting their individual potential—it is stalling its own progress. The natural energy of young Nigerians is unmatched.
Their passion, drive, and resilience are qualities that have made them shine across the globe, from the tech corridors of Silicon Valley to the creative industries of London and Paris. But passion alone is not enough. Ambition needs access. Talent needs opportunity. And without the right structures in place, personal growth and national development will always struggle to keep pace with an increasingly advanced world.
To paraphrase the acclaimed writer Chinua Achebe: “The trouble with Nigeria is simply and squarely a failure of leadership.” But when leadership takes decisive action to address fundamental issues, real progress happens. This is the context in which the Nigerian Education Loan Fund (NELFUND) was founded—a structured response to one of the biggest barriers young Nigerians face in their pursuit of higher education: financial exclusion.
Established under the leadership of President Bola Tinubu, NELFUND is a testament to the government’s commitment to ensuring that education is not a privilege reserved for the few, but a right accessible to all. For years, financial hardship has forced many talented young Nigerians to abandon their dreams of higher education. Tuition fees have been out of reach for too many families, and while scholarships and grants exist, they have never been enough to bridge the gap.
The result? A widening inequality in access to education, where only those with financial backing could afford the skills and knowledge necessary to compete in today’s world. The introduction of NELFUND’s interest-free student loan scheme is a gamechanger, giving young people the financial flexibility to complete their education and contribute meaningfully to society.
Since the first disbursements began, the impact has been both rapid and farreaching. As of January 2025, over N116 billion has already been disbursed to more than 328,000 applicants across Nigeria. N104 billion has gone directly to 600,000 beneficiaries nationwide, easing the burden of tuition fees in both urban and rural communities. Another N110 billion has been allocated to students in public institutions, reinforcing the administration’s commitment to ensuring that public universities remain accessible. A further N2.946 billion has supported over 27,667 students in institutions across the country, while N116.184 billion has covered the upkeep of students in 176,252 beneficiary institutions.
This is not just about numbers—it is about real lives being transformed. At the University of Lagos, a 19-year-old student, who had previously deferred her admission due to financial constraints, is now enrolled in her second semester, fully focused on her studies. At Bayero University, Kano, a final-year engineering student, who was on the verge of dropping out due to unpaid fees, can now complete his degree. In institutions like the University of Ilorin, University of Benin, and Obafemi Awolowo University, students are being given a chance to finish what they started, to build careers, and to contribute to the economy.
This kind of intervention is not just an investment in individuals—it is an investment in Nigeria’s long-term economic growth. Education is the single greatest tool for reducing poverty, driving innovation, and building global competitiveness. In countries like South Korea, Finland, and Germany, student loan programmes have been central to national development, allowing young people to focus on acquiring skills rather than worrying about how to afford them. The ripple effect is undeniable: when more citizens are educated, economies grow, crime rates drop, and societies flourish.
Critics of student loan schemes often point to concerns about repayment and sustainability. Nigeria has faced challenges in the past with similar initiatives, but NELFUND’s structured repayment system ensures that beneficiaries will only begin repaying when they have secured stable employment. This approach not only alleviates pressure on students but also guarantees that the system remains sustainable for future generations.
