The Nigerian Education Loan Fund (NELFUND) has disbursed more than N206 billion to students across 270 tertiary institutions within 23 months of its establishment.
Data released by the Fund on Tuesday revealed that since the launch of its application portal in May 2024, it has received a total of 1,751,669 applications.
Out of this figure, 1,164,222 students have successfully benefited from the scheme.
A breakdown of the disbursement shows that N128.84 billion was paid directly to institutions to cover tuition fees, while N77.45 billion was allocated to students as upkeep allowances.
The initiative is designed to ease both academic and living costs for beneficiaries, particularly those from financially disadvantaged backgrounds.
The Fund also recorded continued growth, with an additional 969 applications in its latest update, representing a 0.1 per cent increase, an indication of sustained interest in the programme.
Speaking on the development, Akintunde Sawyerr, the managing director of NELFUND assured that financial constraints would no longer prevent eligible students from participating in academic activities, including examinations.
He noted that the scheme offers interest-free loans with flexible repayment terms aimed at removing long-standing barriers to tertiary education.
Sawyerr also emphasized that while the Fund is committed to timely disbursement, it maintains strict compliance with due process to safeguard public resources and prevent abuse.
In a related development, he commended Delta State University, Abraka, for implementing a policy that allows students whose loan status is marked as “verified” or “Disbursed” to sit for their first semester 2025/2026 examinations upon presenting proof of participation in the scheme.
He described the move as a practical demonstration of institutional support for students.
Reacting to the programme’s progress, the Tinubu Media Support Group (TMSG) described the initiative as a major milestone in the education sector.
Emeka Nwankpa, the group’s chairman and secretary, Dapo Okubanjo, said the scheme aligns with the administration’s broader goal of expanding access to tertiary education.
They noted that the Fund’s rapid expansion, with participation from 270 institutions and over one million beneficiaries, reflects growing public confidence despite initial doubts.
The group further highlighted that the loans are interest-free, with repayment expected to begin two years after completion of the National Youth Service Corps (NYSC), subject to employment.
It added that provisions exist for deferment where necessary.
TMSG expressed optimism that the number of beneficiaries would continue to grow, urging sustained support for initiatives aimed at promoting inclusive education and human capital development in Nigeria.
