The Nigerian Education Loan Fund (NELFUND) says it has reached a major milestone in its student support intervention programme, with a total of 1,388,592 students benefiting from the federal government’s education loan scheme and the cumulative disbursement now reaching N242.4 billion since the initiative became fully operational with the launch of its application portal on May 34, 2024.
According to the Leadership Newspapers, these figures were contained in the latest Student Loan Disbursement Status Report, which it exclusively obtained, covering activities from the launch date to April 15, 2026.
The report showed that over 1.7 million applications have been recorded since inception. Of this number, 1,388,592 students have successfully benefited from the loan scheme.
The cumulative sum disbursed under the scheme now stands at N242,400,915,093.25 (N242.4 billion), comprising institutional fees and student upkeep allowances.
A breakdown of the figure shows that N157,455,283,093.25 (N157.4 billion) was paid directly to beneficiary institutions as tuition and institutional charges, while N84,945,632,000.00 (N84.9 billion) was disbursed as upkeep allowances to students to support their living expenses during the course of study.
The dual disbursement structure, covering both institutional fees and student upkeep, is designed to ensure that beneficiaries are not only enrolled in school but also able to sustain themselves throughout their academic programmes.
The report further shows that 288 tertiary institutions across Nigeria are currently benefiting from the scheme. These include federal and state universities, polytechnics, and colleges of education.
The report stated: “Applications received since inception stand at 1,771,797. A total of 1,388,592 students have so far benefited from the loan scheme since its inception.
“The scheme currently has 288 beneficiary institutions, indicating its reach across tertiary institutions nationwide…
“This report presents a summary of significant milestones achieved since the launch of the NELFUND Student Loan Portal. It details disbursements made to institutions for tuition fees and direct upkeep allowances to students, delivering on one of the key promises of the Renewed Hope Agenda of empowering every Nigerian student,” it added.
The student loan scheme is one of the flagship social investment programmes under the Federal Government’s Renewed Hope Agenda, aimed at expanding access to education and building a skilled workforce for national development.
It is anchored on the principle that no Nigerian student should be denied tertiary education due to financial constraints.
It was established following the signing of the Access to Higher Education Act, 2023, which provided the legal framework for the creation of a centralised student loan scheme in Nigeria.
The agency was set up to manage, disburse, and recover education loans in a transparent and accountable manner.
The fund was created in response to longstanding challenges in Nigeria’s tertiary education sector, including inadequate funding, rising tuition costs, and the growing number of out-of-school youths unable to access higher education.