The Nigerian Education Loan Fund (NELFUND) says it has disbursed more than N206bn in loans to support students in tertiary institutions across Nigeria since the programme began.
In its daily status report released on Monday, the fund revealed that a total of N206.29bn has been paid to about 1,164,222 students who successfully applied for the loan scheme.
The report also indicated that beneficiaries are drawn from roughly 270 tertiary institutions nationwide, showing the growing reach of the initiative.
NELFUND opened its loan application portal on May 24, 2024, and since then a total of 1,734,985 students have applied for financial support. Out of this number, over 1.16 million applicants have already received funds under the programme.
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Further details of the disbursement show that N128.84bn was transferred directly to tertiary institutions to cover tuition fees for beneficiaries. Another N77.45bn was paid to students as upkeep allowances to help them meet daily living expenses while studying.
The report also recorded a slight rise in new applications, with 1,910 additional submissions compared to the previous day, representing a 0.1 per cent increase.
The loan scheme was introduced by the Federal Government following the passage of the Student Loans Act. The initiative aims to help eligible students in public tertiary institutions access funds for tuition and basic needs, especially those facing financial challenges.
Under the programme, beneficiaries are expected to start repayment after completing their studies and securing employment, a measure designed to ensure the sustainability of the scheme while easing financial pressure on students.
