Disbursed student loan hits N161bn — NELFUND

The Nigerian Education Loan Fund has disclosed that total disbursements under the student loan scheme have reached N161.97bn, according to its weekly report covering December 29, 2025, to January 4, 2026.

In the report posted on its X account on Sunday, NELFUND revealed that it received 17,507 new loan applications during the week, bringing the total number of successful applications since the scheme’s launch in May 2024 to 1,326,008.

As of December 29, 2025, 864,798 students across 263 institutions had received loan payments. Of this, N89.94bn was disbursed directly to cover institutional fees, while N72.03bn went to students as upkeep allowances.

NELFUND was established to manage the Nigeria Student Loan Scheme, enacted into law by President Bola Tinubu in April 2024.

The initiative provides interest-free loans to students in public tertiary institutions to cover tuition and living expenses, particularly for those from low-income backgrounds.

Under the scheme, beneficiaries are required to repay the loans after completing their education and securing employment, aiming to reduce financial barriers to higher education. (Punch)