NELFUND Student Loan: Over 1.16 Million Nigerian Students Receive ₦206 Billion Education Funding

The Nigerian Education Loan Fund has announced that it has disbursed more than ₦206 billion in student loans to support undergraduates in tertiary institutions across Nigeria.

According to the latest operational report released by the fund, a total of ₦206.29 billion has been paid out to 1,164,222 students who successfully applied for financial assistance under the Federal Government’s student loan programme.

The report also revealed that beneficiaries are spread across approximately 270 tertiary institutions nationwide, highlighting the rapid expansion of the scheme since its launch.

NELFUND officially opened its online application portal on May 24, 2024, allowing eligible students in public tertiary institutions to apply for financial support for their education. Since then, the programme has received a total of 1,734,985 applications from students seeking assistance with tuition fees and living expenses.

Out of the total number of applicants, more than 1.16 million students have already received funding under the initiative, demonstrating the strong demand for accessible education financing in the country.

A breakdown of the loan disbursement shows that ₦128.84 billion was paid directly to tertiary institutions to cover tuition fees for qualified students. In addition, ₦77.45 billion was transferred to beneficiaries as upkeep allowances to help them manage living expenses while pursuing their studies.

The report also indicated a slight increase in new applications, with 1,910 additional submissions recorded compared to the previous day. This represents a 0.1 percent rise in the number of students applying for the student loan scheme.

The Nigerian Education Loan Fund was established by the Federal Government following the passage of the Student Loans Act. The programme is designed to improve access to higher education by providing financial support to students who may not have the resources to pay tuition and other academic expenses.

Under the terms of the scheme, students who benefit from the loan will only begin repayment after completing their studies and securing employment. This repayment structure is intended to reduce the financial burden on students while ensuring the sustainability of the programme over time.

Education analysts believe the initiative could play a major role in improving access to tertiary education in Nigeria by reducing the financial barriers that prevent many qualified students from completing their academic programmes.

The continued expansion of the loan programme is expected to support more students across universities, polytechnics and colleges of education as awareness and participation increase nationwide.