The Nigerian Education Loan Fund (NELFUND) has reached a major milestone, disbursing a total of ₦206.29 billion to students across the country since the inception of its student loan programme.
According to the fund’s latest report, 1,164,222 students from approximately 270 public tertiary institutions have benefited from the scheme. Since the loan application portal opened on May 24, 2024, a total of 1,734,985 applications have been received from students seeking financial support.
The programme provides financial assistance for both tuition fees and student upkeep allowances. Of the total disbursed, ₦128.84 billion was paid directly to tertiary institutions to settle tuition fees on behalf of students, while ₦77.45 billion was released as upkeep allowances to support students’ living expenses during their studies.
Daily updates from NELFUND indicate steady engagement, with 1,910 new applications received compared with the previous day, reflecting a 0.1 per cent increase in daily submissions.
Established under the Student Loans Act, the initiative aims to remove financial barriers for qualified Nigerians pursuing tertiary education, particularly in public universities, polytechnics, and colleges of education. Students access interest-free loans, with repayment scheduled to begin only after graduation and upon securing employment.
