The Nigerian Education Loan Fund (NELFUND) has disbursed more than N206 billion in loans to 1,164,222 students across Nigeria since the programme began.
The fund confirmed this in its daily status report issued on Monday, noting that the scheme has reached students in around 270 tertiary institutions nationwide.
According to the report, N128.84 billion was paid directly to institutions to cover tuition fees, while N77.45 billion went to students as upkeep allowances.
Since opening its loan portal on May 24, 2024, NELFUND has received 1,734,985 applications, with a slight increase of 1,910 new applications recorded compared to the previous day.
NELFUND was established by the Federal Government under the Student Loans Act to provide financial support for tuition fees and living expenses to qualified students in public tertiary institutions.
Repayments are structured to begin after graduation and only once beneficiaries secure employment, ensuring the scheme remains sustainable and accessible.
NELFUND officials emphasised that the programme continues to gain momentum as more students apply and institutions participate, reflecting growing confidence in the initiative.
The fund reiterated its commitment to transparency, timely disbursements, and expanding coverage to reach more deserving students nationwide.