The Nigerian Education Loan Fund (NELFUND) has disbursed ₦303.91 billion to 1,635,676 students under the Federal Government’s student loan scheme, according to its latest daily dashboard report.
The report shows that the beneficiaries are drawn from federal tertiary institutions across the country, with the scheme receiving 1,800,489 applications since it was launched in May 2024.
Of the total amount disbursed, ₦190.06 billion was paid directly to 315 tertiary institutions as tuition fees, while ₦113.85 billion was transferred to students as upkeep allowances.
NELFUND’s dashboard indicated that no new applications were recorded compared to the previous day, suggesting that the number of applicants remained unchanged.
The student loan programme was introduced following the enactment of the Student Loans (Access to Higher Education) Act and provides interest-free loans to eligible students in public tertiary institutions for tuition and monthly upkeep.
Funding for the initiative comes from Federal Government budgetary allocations, the Tertiary Education Trust Fund (TETFund), recoveries by the Economic and Financial Crimes Commission (EFCC), as well as grants and donations.
NELFUND Managing Director, Akintunde Sawyerr, had earlier disclosed that the agency received about ₦203 billion from the Federal Government, including ₦50 billion released by the EFCC from recovered proceeds of crime.
The Federal Government says the programme is a key part of its Renewed Hope Agenda, aimed at expanding access to tertiary education, reducing student dropouts caused by financial hardship and ensuring more Nigerians can afford higher education.
