NELFUND Disburses Over N206bn To 1.16m Students

The Nigerian Education Loan Fund (NELFUND) said it has disbursed more than N206 billion in student loans to support tertiary education across the country since the programme was launched.

According to the fund’s daily status report released on Monday, a total of N206.29 billion has so far been paid to 1,164,222 students who successfully applied for the scheme.

The report indicated that the loan programme has reached students in about 270 tertiary institutions nationwide.

LEADERSHIP recalls that NELFUND opened its application portal on May 24, 2024, and since then, 1,734,985 students have submitted applications seeking financial assistance for their education. Of this number, more than 1.16 million applicants have already received payments under the scheme.

A breakdown of the disbursement shows that N128.84 billion was paid directly to higher institutions to cover the tuition fees of beneficiaries. In addition, N77.45 billion was disbursed to students as upkeep allowances to help meet their living expenses while studying.

The report also recorded a slight increase in the number of applications, with 1,910 new submissions compared to the previous day, representing a 0.1 percent rise in applicants.

NELFUND was established by the Federal Government following the enactment of the Student Loans Act. The initiative aims to assist eligible students in public tertiary institutions with funds for tuition and daily expenses, particularly those who may struggle to finance their education.

Under the scheme, beneficiaries are expected to begin repayment after completing their studies and securing employment.

The repayment arrangement is designed to ensure the sustainability of the programme while preventing students from being burdened with loan repayments before they become financially stable.