The Nigerian Education Loan Fund (NELFUND) has disbursed more than ₦206 billion to students across Nigeria, reaching over 1.16 million beneficiaries in 270 tertiary institutions within 23 months of its establishment by President Bola Tinubu.
According to figures released by the fund, ₦128.84 billion was paid directly to institutions to cover tuition fees, while ₦77.45 billion was distributed to students as upkeep allowances, easing both academic and living costs.
The scheme, designed to improve access to higher education, has gained traction since its application portal opened in May 2024. NELFUND disclosed that it has received 1,751,669 applications, with 1,164,222 students successfully benefiting so far.
The latest update shows continued growth, with an additional 969 applications recorded, reflecting steady public interest and confidence in the programme.
Managing Director of NELFUND, Akintunde Sawyerr, assured students that no qualified beneficiary would be denied the opportunity to sit examinations due to financial constraints. He said the initiative offers interest-free loans and flexible repayment options aimed at removing barriers to tertiary education.
Sawyerr added that while the fund prioritises prompt disbursement, strict accountability measures have been put in place to prevent misuse and ensure transparency.
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He also commended Delta State University, Abraka, for adopting a policy that allows students with verified or disbursed NELFUND status to participate in their first semester 2025/2026 examinations upon providing proof of enrollment in the scheme. He described the move as a model of institutional support for uninterrupted academic progress.
Meanwhile, the Tinubu Media Support Group (TMSG) praised the fund’s performance, describing it as a major step in strengthening Nigeria’s education sector. The group said the initiative aligns with the administration’s “Renewed Hope” agenda, particularly in expanding access to higher education.
TMSG also highlighted the transparency of the programme and expressed confidence that the number of beneficiaries will continue to rise significantly before the end of the current administration’s first term.
The latest figures reinforce NELFUND’s growing role in supporting students nationwide and advancing human capital development through improved access to education.
