The Nigerian Education Loan Fund says it has disbursed more than N206 billion in student loans to beneficiaries across 270 tertiary institutions nationwide.
The fund revealed that the payments were made within 23 months of its launch by President Bola Ahmed Tinubu, as part of efforts to expand access to higher education.
According to NELFUND’s latest data, a total of 1,751,669 applications have been received since the loan portal opened in May 2024. Out of these, 1,164,222 students have successfully benefited from the scheme.
A breakdown of the disbursement shows that N128.84 billion was paid directly to institutions as tuition fees, while N77.45 billion was released to students as upkeep allowances to cover living and academic expenses. The agency also recorded 969 new applications in its most recent update, reflecting continued public interest in the programme.
Speaking on the development, NELFUND Managing Director, Akintunde Sawyerr, said the initiative was designed to ensure that no student is denied education due to financial constraints.
“We started the scheme to provide students with interest-free loans on very soft terms, to ensure that those who cannot begin or complete tertiary education due to lack of funds are supported,” he said.
Sawyerr added that while the agency is committed to timely disbursement, strict procedures and institutional checks are necessary to safeguard public funds.
He also commended Delta State University, Abraka for allowing students with verified or disbursed loan status to sit for examinations upon presenting proof of application, describing it as a student-friendly approach aligned with the scheme’s objectives.
Meanwhile, the Tinubu Media Support Group described the programme as a major milestone in Nigeria’s education sector, noting that over one million students have benefited in less than two years.
The group highlighted that the loans are interest-free, with repayment scheduled to begin two years after completion of the National Youth Service Corps, provided beneficiaries secure employment, and with provisions for deferment where necessary.
It added that the scheme’s wide adoption across 270 institutions demonstrates growing confidence in the initiative, expressing optimism that more students will benefit as the programme expands.
