The Nigerian Education Loan Fund (NELFUND) has disbursed ₦322.69 billion to students and tertiary institutions since the launch of its student loan portal in May 2024, marking a major milestone in the Federal Government’s education financing initiative.
According to the latest NELFUND Student Loan Disbursement Status Report, the Fund has processed 1,659,853 student loan applications, reflecting increasing participation in the scheme.
The report showed that ₦192.89 billion has been paid directly to 319 tertiary institutions to cover tuition and other institutional charges, while ₦129.80 billion has been disbursed to students as upkeep allowances.
NELFUND said the intervention is designed to remove financial barriers to higher education by supporting students with both tuition payments and living expenses.
The student loan programme, introduced under the administration of President Bola Tinubu, officially commenced through the launch of the NELFUND portal on May 24, 2024.
The Fund described the latest figures as evidence of the growing impact of the scheme, noting that it remains committed to expanding access to tertiary education and easing the financial burden on students and their families across Nigeria.
EduTimes Africa, a product of Education Times Africa, is a magazine publication that aims to lend its support to close the yawning gap in Africa's educational development.