Over N206bn disbursed to 1.16 million students – NELFUND

The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦206.29 billion in student loans to 1,164,222 beneficiaries since the scheme’s launch, according to the fund’s Daily Status Report released as of March 9, 2026.

The report revealed that since the application portal opened on May 24, 2024, a total of 1,734,985 students have applied for the loan, with more than 1.16 million already receiving disbursements. So far, 270 tertiary institutions across the country have benefited from the programme.

A breakdown of the funds shows that ₦128.84 billion has been paid directly to institutions as tuition fees on behalf of students, while ₦77.45 billion has been disbursed as upkeep allowances to beneficiaries, bringing the cumulative total to ₦206.29 billion.

The report also noted a modest daily increase, with 1,910 new applications submitted compared to the previous day, representing a 0.1% rise in submissions.

NELFUND was established by the Federal Government under the Student Loans Act to provide financial support for tuition fees and living expenses to qualified students in public tertiary institutions. The initiative aims to remove financial barriers and expand access to higher education for Nigerians who might otherwise be unable to afford it.

Repayments are structured to begin after graduation and only once beneficiaries secure employment, ensuring the scheme remains sustainable and accessible.

NELFUND officials emphasized that the programme continues to gain momentum as more students apply and institutions participate, reflecting growing confidence in the initiative. The fund reiterated its commitment to transparency, timely disbursements, and expanding coverage to reach more deserving students nationwide.