More than N206 billion allocated to 1.16 million pupils, says NELFUND

The Nigerian Education Loan Fund, or NELFUND, has made a substantial impact, disbursing ₦206.29 billion in student loans to 1,164,222 beneficiaries since its inception, as indicated in the Daily Status Report dated March 9, 2026.

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Since the application portal opened on May 24, 2024, a total of 1,734,985 students have applied for the loan, with over 1.16 million already receiving disbursements, marking a significant milestone for the programme.

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A total of 270 tertiary institutions across the country have benefited from the programme, demonstrating its widespread reach and impact on the education sector.

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A breakdown of the disbursed funds reveals 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, culminating in a cumulative total of ₦206.29 billion.

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

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NELFUND was established by the Federal Government under the Student Loans Act, aiming to provide financial support for tuition fees and living expenses to qualified students in public tertiary institutions, thereby removing financial barriers to higher education.

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The initiative is designed to expand access to higher education for Nigerians who might otherwise be unable to afford it, with repayments structured to begin after graduation and only once beneficiaries secure employment, ensuring the scheme's sustainability and accessibility.

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NELFUND officials have emphasized that the programme continues to gain momentum, with growing numbers of students applying and institutions participating, reflecting increasing confidence in the initiative.

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The fund has reiterated its commitment to transparency, timely disbursements, and expanding coverage to reach more deserving students nationwide, underscoring its dedication to supporting education in Nigeria.