The Nigerian Education Loan Fund (NELFUND) has disbursed more than N206 billion in student loans to support tertiary education across the country since the launch of the programme in 2024.
According to the fund’s daily status report released on Monday, a total of N206.29 billion has so far been paid to 1,164,222 students who successfully applied for the loan scheme.
The report indicated that beneficiaries are drawn from about 270 tertiary institutions nationwide, reflecting the expanding reach of the government-backed programme designed to improve access to higher education.
NELFUND opened its loan application portal on May 24, 2024, following the enactment of the Student Loans Act by the Federal Government.
Since the portal became operational, 1,734,985 students have submitted applications seeking financial assistance for their education. Out of this number, more than 1.16 million students have already received payments under the scheme.
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A breakdown of the disbursement shows that N128.84 billion was paid directly to tertiary institutions to cover tuition fees for the beneficiaries, while N77.45 billion was disbursed to students as upkeep allowances to support their living expenses during their studies.
The latest data also recorded a slight increase in applications, with 1,910 new submissions compared to the previous day, representing a 0.1 per cent rise in the total number of applicants.
The student loan programme was established by the Federal Government to provide financial support for eligible students in public tertiary institutions, particularly those who face challenges funding their education.
Under the scheme, beneficiaries are expected to begin repayment after completing their studies and securing employment, a framework designed to ensure sustainability while preventing students from facing repayment obligations before becoming financially stable.
Meanwhile, NELFUND has commended the management of Delta State University, Abraka for introducing a student-friendly directive that allows students benefiting from the loan programme to participate in their first semester 2025/2026 examinations.
In a statement signed by Oseyemi Oluwatuyi, the Director of Strategic Communications at NELFUND, the institution approved that students whose status on the NELFUND platform shows “Verified” or “Disbursed” can sit for their examinations upon presenting proof of their status under the scheme.
Reacting to the development, Akintunde Sawyerr, Managing Director and Chief Executive Officer of NELFUND, described the decision as a commendable demonstration of institutional collaboration in support of Nigerian students.
“We warmly welcome this student-centred approach by Delta State University. It reflects a clear understanding of the purpose of the NELFUND scheme, which is to ensure that no Nigerian student is denied access to education because of financial constraints,” Sawyerr said.
He added that the development highlights the importance of cooperation between tertiary institutions and the loan fund in ensuring that students who have completed the application process can continue their academic activities without disruption.
Sawyerr also encouraged other universities, polytechnics and colleges of education across the country to adopt similar supportive measures that prioritise students’ academic progress while the loan process continues.
NELFUND said it remains committed to working closely with tertiary institutions nationwide to ensure the successful implementation of the student loan programme and to safeguard the educational aspirations of Nigerian students.
