NELFUND Surpasses ₦206 Billion in Student Loan Disbursements, Reaches Over 1.16 Million Beneficiaries

The Nigerian Education Loan Fund (NELFUND) has announced that it has disbursed a total of ₦206.29 billion in student loans, benefiting 1,164,222 students since the inception of the programme.

According to the fund’s Daily Status Report as of March 9, 2026, a total of 1,734,985 students have applied for support through the scheme since the portal opened on May 24, 2024. Of these applicants, more than 1.16 million have successfully received loans.

The report further highlighted that 270 tertiary institutions across Nigeria have participated in the programme, which provides financial assistance for both tuition fees and student upkeep.

A detailed breakdown of the disbursement shows that ₦128.84 billion has been paid directly to institutions to cover tuition fees, while ₦77.45 billion has been allocated to students as living and upkeep allowances, bringing the total support to ₦206.29 billion.

The latest data also indicated a modest growth in applications, with 1,910 new submissions recorded compared to the previous day, representing a 0.1% increase.

Established by the Federal Government, NELFUND was created under the Student Loans Act to ensure that financial barriers do not impede qualified Nigerians from pursuing higher education in public tertiary institutions. The programme allows students to access loans for tuition and living expenses, with repayments structured to begin after graduation, once beneficiaries are employed.

Through these interventions, the government aims to expand access to higher education and support students in achieving academic success without being hindered by financial constraints.