1.38m Students Benefit As NELFUND Loan Disbursement Hits N242.4bn

The Nigerian Education Loan Fund (NELFUND) has said 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 as of 15 April 2026.

The cumulative disbursement has now reached N242.4 billion since the initiative became fully operational with the launch of its application portal on 24 May 2024.

These figures, according to the latest Student Loan Disbursement Status Report exclusively obtained by LEADERSHIP Sunday, cover activities from the launch of the scheme on 24 May 2024 to 15 April 2026.

The report showed the rapid scale-up of the scheme, which is designed to improve access to tertiary education funding, reduce financial barriers, and strengthen human capital development under the Federal Government’s Renewed Hope Agenda.

It indicated 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 (N242.4bn), comprising institutional fees and student upkeep allowances.

A breakdown of the figure shows that N157,455,283,093.25 (N157.4bn) was paid directly to beneficiary institutions as tuition and institutional charges, while N84,945,632,000.00 (N84.9bn) 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.

Earlier, when asked about the regional breakdown of beneficiaries, Mrs Oseyemi Oluwatuyi, director of strategic communications, said such information was too sensitive to be shared with the public.

We pray to get work on time for repayment – Beneficiaries

Meanwhile, two beneficiaries of the loan who spoke with our correspondent said they hope to secure employment after graduation to repay the loan.

Ibrahim Amodu, a student in one of the tertiary institutions in the North West, said, ”The loan has been of help, but we would be glad if there is a guarantee of work after graduation to enable us to settle the government on time. It is a relief to us, especially some of us who are from a very poor background.”

Another beneficiary, Grace Eruke, from the south-south, spoke in a similar vein, saying what was expected of her was to pass with a good grade.

She said, ”I am reading and working hard to graduate with a good grade. That would help me secure a good employment because without a good grade, it may be difficult for me to secure employment.”

Meanwhile, NELFUND has described as fake a notice circulating that claims it has suspended its student loan disbursement programme.

According to a statement issued by the agency on its X account on Saturday, the Fund stated that it had not announced any pause in loan disbursements, urging the public to disregard the message and rely only on official communication channels.

The clarification comes amid growing attention on the scheme, which the Federal Government says has benefited more than one million students since its establishment, improving access to higher education across the country.

The fake notice, which had been circulating online, claimed that “due to unforeseen operational circumstances, NELFUND has taken the difficult decision to temporarily pause the student loan disbursement programme with immediate effect.”

However, NELFUND dismissed the claim, stating, “This document is fake. Kindly disregard the circulating letter on suspension of student loan disbursements. NELFUND has not issued any such directive.”

The Fund advised students and stakeholders to seek verified updates through its official platforms to avoid misinformation.