The Nigerian Education Loan Fund (NELFUND) has disbursed over ₦206 billion in student loans to beneficiaries in 270 tertiary institutions nationwide, just 23 months after its launch by President Bola Ahmed Tinubu.
According to the agency, a total of 1,751,669 applications have been received since the loan portal opened in May 2024, with 1,164,222 students successfully benefiting from the scheme.
A breakdown of the funds shows that ₦128.84 billion was paid directly to institutions as tuition fees, while ₦77.45 billion was released to students as upkeep allowances to support academic and living expenses.
NELFUND also recorded 969 new applications in its latest update, reflecting a 0.1% increase, which it described as a sign of sustained public interest and confidence in the programme.
Speaking on a national television programme, the Managing Director of NELFUND, Akintunde Sawyerr, assured students that no eligible beneficiary would be denied the opportunity to sit for examinations due to financial challenges.
He emphasized that the initiative provides interest-free loans on flexible terms to ensure that lack of funds does not hinder access to or completion of tertiary education.
Sawyerr added that while the agency is committed to prompt disbursement, strict processes and institutional checks are in place to ensure accountability and prevent misuse of public funds.
He also commended Delta State University, Abraka, for allowing students with verified or disbursed loan status to sit for their first semester 2025/2026 examinations upon presenting proof of their application.
