The Nigerian Education Loan Fund (NELFUND) said it has disbursed a total of ₦206.29 billion in student loans to 1,164,222 beneficiaries since the launch of the scheme.
The fund’s Daily Status Report as of March 9, 2026, noted that since the portal opened on May 24, 2024, a total of 1,734,985 students have applied for the loan scheme, with more than 1.16 million already benefiting from disbursements.
Data from the report indicates that 270 institutions have benefited from the programme so far.
The loan, which covers tuition fees and student upkeep allowances, was introduced to expand access to higher education in Nigeria.
A breakdown of total disbursement revealed that ₦128.84 billion has been paid to institutions as tuition fees on behalf of students, and ₦ 77.45 billion has been disbursed as upkeep allowances to student beneficiaries.
The combined payments bring the total loan disbursed to ₦206.29 billion.
The report also showed that 1,910 new applications were recorded compared with the previous day, representing a 0.1% increase in submissions.
The Nigerian Education Loan Fund was established by the Federal Government to provide financial support to Nigerian students pursuing higher education in public tertiary institutions.
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The scheme was introduced following the passage of the Student Loans Act, aimed at ensuring that financial constraints do not prevent qualified Nigerians from accessing university education.
Under the programme, students can obtain loans to cover tuition fees and living expenses, with repayments expected after graduation and once beneficiaries secure employment.
