NELFUND records ₦242.4bn disbursement to students across 288 institutions

The Nigerian Education Loan Fund (NELFUND) says it has disbursed a total of ₦242.4bn to students across 288 tertiary institutions nationwide under its interest-free loan scheme.

According to its latest daily status report released on Monday, a total of 1,388,592 students have so far benefited from the initiative since its inception.

The agency also disclosed that it has received 1,778,854 applications to date, reflecting sustained demand from students seeking financial support for tuition and living expenses.

In the most recent update period, 353 new applications were recorded, although overall application growth remained statistically unchanged, with a 0.0 per cent variation compared to the previous day.

NELFUND further revealed that out of the total disbursement, ₦157.45bn was paid directly to 288 beneficiary institutions as tuition and institutional charges, while ₦84.94bn was released as upkeep allowances to students.

This brings the cumulative intervention under the scheme to ₦242.4bn, covering both institutional fees and student maintenance support.

Established under the Student Loan (Access to Higher Education) Act, 2024 and signed into law by President Bola Tinubu, the scheme provides interest-free loans aimed at widening access to tertiary education across Nigeria.

Repayment is structured to commence two years after completion of the National Youth Service Scheme (NYSC), allowing beneficiaries a grace period to transition into the labour market.

NELFUND maintains that the programme is designed to reduce financial barriers, promote inclusion, and strengthen access to higher education for students across the country.