The Nigerian Education Loan Fund has disbursed a total of ₦206.29 billion in student loans to 1,164,222 beneficiaries since the scheme was launched.
This was contained in the fund’s Daily Status Report released as of March 9, 2026.
The report stated that since the application portal opened on May 24, 2024, a total of 1,734,985 students have applied for the loan, with more than 1.16 million already receiving disbursements. It added that 270 tertiary institutions across the country have so far benefited from the programme.
A breakdown of the disbursements showed that ₦128.84 billion was paid directly to institutions as tuition fees on behalf of students, while ₦77.45 billion was released as upkeep allowances to beneficiaries, bringing the total amount disbursed to ₦206.29 billion.
The report also recorded a slight daily increase in applications, with 1,910 new submissions compared to the previous day, representing a 0.1 per cent rise.
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.
The initiative is aimed at removing financial barriers and expanding access to higher education for Nigerians who might otherwise be unable to afford it.
Under the scheme, repayment is expected to begin after graduation and only when beneficiaries secure employment, a measure designed to ensure the sustainability and accessibility of the programme.
NELFUND officials said the programme continues to gain momentum as more students apply and more institutions participate, adding that the fund remains committed to transparency, timely disbursement of loans, and expanding coverage to reach more deserving students across the country.
