By Oluwakemi Kindness
The Nigerian Education Loan Fund (NELFUND) says a total of 1,388,592 students have so far benefited from its student loan scheme across Nigeria.
According to its daily status report released on Monday, the agency disclosed that it has received 1,778,854 applications since the launch of the programme.
It notes that 353 new applications were recorded, representing a marginal change in daily submissions.
Disbursement to Institutions and Students
NELFUND stated that as of April 2, 2026, it has disbursed funds to 288 beneficiary institutions for payment of tuition fees.
A total of ₦157,455,283,093.25 was paid directly to institutions as institutional charges.
The fund also confirmed that ₦84,945,632,200.00 has been disbursed to students as upkeep allowances.
This brings the total amount disbursed under the scheme to ₦242,400,915,093.25.
The student loan initiative operates under the Student Loan (Access to Higher Education) Act, 2024, signed into law by President Bola Tinubu.
The scheme provides interest-free loans to eligible students, covering tuition fees and monthly upkeep allowances.
Repayment is scheduled to begin two years after completion of the National Youth Service Programme (NYSC).
The NELFUND programme is part of the Federal Government’s effort to expand access to higher education and reduce financial barriers for students across tertiary institutions in Nigeria.
