NELFUND Student Loan Disbursement Hits N242.4bn as Over 1.3 Million Nigerian Students Benefit

The Nigerian Education Loan Fund (NELFUND) has recorded a major milestone in its student financing programme, with total disbursement reaching N242.4 billion and over 1.38 million students benefiting nationwide as of April 15, 2026.

The latest figures highlight the rapid expansion of the Federal Government’s student loan scheme, which was launched on May 24, 2024, as part of efforts to improve access to higher education, reduce financial barriers, and strengthen workforce development in Nigeria.

According to official data from the Student Loan Disbursement Status Report, a total of 1,771,797 applications have been received since the programme began. Out of this number, 1,388,592 students have successfully accessed funding under the scheme.

The total disbursement of N242,400,915,093.25 covers both tuition payments and student upkeep allowances. A breakdown shows that N157.4 billion was paid directly to tertiary institutions as school fees, while N84.9 billion was disbursed to students as financial support for living expenses.

This dual-structure funding model is designed to ensure that beneficiaries are not only able to secure admission into higher institutions but also sustain themselves throughout their academic journey without financial hardship.

The scheme currently supports students across 288 tertiary institutions nationwide, including federal and state universities, polytechnics, and colleges of education, reflecting its wide reach and growing impact across Nigeria’s education sector.

The student loan initiative is a key component of the Federal Government’s Renewed Hope Agenda, with a strong focus on expanding educational access and building a skilled, employable workforce. It is based on the principle that no Nigerian student should be denied tertiary education due to lack of funds.

NELFUND was established following the enactment of the Access to Higher Education Act, 2023, which created a centralized system for managing, disbursing, and recovering education loans in a transparent and accountable manner.

The programme is also aimed at addressing long-standing challenges in the education sector, including rising tuition costs, limited funding, and the increasing number of qualified students unable to pursue higher education due to financial constraints.

Despite the success recorded so far, some beneficiaries have expressed concerns about post-graduation employment, which is critical for loan repayment. A student beneficiary, Ibrahim Amodu, noted that while the loan has provided significant relief, there is a need for stronger job creation policies to ensure graduates can repay their loans without difficulty.

Another beneficiary, Grace Eruke, emphasized the importance of academic performance, stating that graduating with good grades would improve her chances of securing a well-paying job and meeting repayment obligations.

Meanwhile, NELFUND has dismissed reports circulating online suggesting that the student loan programme has been suspended. The agency clarified that no such directive has been issued and described the information as false and misleading.

In an official statement, the Fund urged students and the general public to disregard the fake notice and rely only on verified communication channels for accurate updates regarding the scheme.

The continued expansion of the NELFUND programme signals a significant shift in Nigeria’s education financing system, offering new opportunities for students to access higher education, improve career prospects, and contribute meaningfully to national economic growth.