NELFUND Disburses N206bn to Over 1 Million Beneficiaries
The Nigerian Education Loan Fund (NELFUND) has disbursed N206.29 billion in student loans to 1,164,222 beneficiaries since the launch of the scheme.
The figures were disclosed in the fund’s Daily Status Report generated on March 9, 2026, from the NELFUND student loan portal dashboard.
According to the report, “the disbursement reflects progress since the launch of the student loan programme, which was introduced to expand access to higher education in Nigeria.”
The report noted that the dashboard provides a summary of milestones achieved since the rollout of the NELFUND student loan portal, including payments made to institutions for tuition fees and allowances paid directly to students.
NELFUND’s Managing Director, Akintunde Sawyerr, said the initiative is aimed at delivering on a key promise under the Renewed Hope Agenda of President Bola Ahmed Tinubu to empower Nigerian students.
Data from the report indicates that 270 institutions have benefited from the programme so far. Out of the total disbursement, N128.84 billion has been paid to institutions as tuition fees on behalf of students, while N77.45 billion has been disbursed as upkeep allowances to student beneficiaries.
The combined payments bring the total loan disbursed to N206.29 billion. The report also showed that 1,910 new applications were recorded compared with the previous day, representing a 0.1% increase in submissions.
In January, Nairametrics reported that NELFUND identified N927.98 million in unpaid upkeep allowances owed to 11,685 students following a reconciliation exercise after the 2024/2025 academic session.
The Nigerian Education Loan Fund was established by the Federal Government to provide financial support to Nigerian students pursuing higher education in public tertiary institutions.
The scheme was introduced following the passage of the Student Loans Act, aimed at ensuring that financial constraints do not prevent qualified Nigerians from accessing university education.
Under the programme, students can obtain loans to cover tuition fees and living expenses, with repayments expected after graduation and once beneficiaries secure employment.