NELFUND Records 1.7 Million Applications, Disburses ₦242bn to Students

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The Nigerian Education Loan Fund says no fewer than 1,388,592 students have benefited from its student loan scheme since inception.

According to the fund’s daily status report released on Monday, a total of 1,778,854 applications have been received, with 353 new applications recorded compared to the previous day.

NELFUND disclosed that disbursements have been made to 288 beneficiary institutions, with N157.46 billion paid as institutional fees as of April 2, 2026.

It added that N84.95 billion has been disbursed to students as upkeep allowances, bringing the total amount released under the scheme to about N242.4 billion.

The loan programme, established under the Student Loan Access to Higher Education Act 2024 signed by President Bola Tinubu, provides interest-free loans to support students in higher institutions.

The scheme covers tuition fees and monthly upkeep allowances, with repayment scheduled to begin two years after beneficiaries complete the National Youth Service Corps programme.

NELFUND said the initiative is aimed at expanding access to higher education and reducing financial barriers for students across the country.

 

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