The Nigerian Education Loan Fund (NELFUND) has disclosed that no fewer than 1,388,592 students have benefited from its student loan scheme since its inception.
According to the fund’s daily status report released on Monday, a total of 1,778,854 applications have been received so far. The report also noted a marginal increase of 353 new applications compared to the previous day, with a 0.0 per cent change rate in new submissions.
NELFUND revealed that as of
April 2, 2026, disbursements had been made to 288 beneficiary institutions, with N157,455,283,093.25 paid directly as tuition fees.
In addition, the fund stated that N84,945,632,200.00 had been released as upkeep allowances to students, bringing the total amount disbursed under the scheme to N242,400,915,093.25.
The student loan programme was established under the Student Loan (Access to Higher Education) Act, 2024, signed into law by President Bola Tinubu.
The initiative provides interest-free loans covering tuition and monthly allowances, with repayment scheduled to begin two years after beneficiaries complete the National Youth Service Corps programme.
