The Nigerian Education Loan Fund (NELFUND) has disbursed more than N206 billion to students across 270 tertiary institutions in Nigeria within 23 months of its launch by President Bola Ahmed Tinubu.
The scheme has benefited 1,164,222 students, out of 1,751,669 applications received since the portal opened in May 2024, marking a major step toward expanding access to higher education.
According to NELFUND, N128.84 billion has been paid directly to beneficiary institutions as tuition fees, while N77.45 billion has been disbursed to students as upkeep allowances, ensuring that both academic and living costs are covered for beneficiaries.
The Managing Director of NELFUND, Akintunde Sawyerr, said the programme provides interest-free loans with flexible repayment terms to eliminate financial barriers that often prevent students from starting or completing tertiary education.
He assured that no eligible beneficiary would be prevented from sitting examinations because of financial difficulties.
NELFUND also commended Delta State University, Abraka, for allowing students whose loan status reads “Verified” or “Disbursed” to sit for their first-semester 2025/2026 examinations after presenting proof of their NELFUND status, describing the move as a model of institutional support for students.
Reacting to the programme’s progress, the Tinubu Media Support Group (TMSG) said the initiative has become a major pillar of the Renewed Hope agenda, noting that the rapid growth of the student loan scheme and participation by over a million students and 270 institutions reflect increasing public confidence despite initial scepticism.