1.38m students benefit as loan disbursement hits N242.4bn - NELFUND

The Nigerian Education Loan Fund (NELFUND) has made significant strides in its mission to broaden access to higher education, reporting that over 1.38 million students have benefited from its loan scheme. This initiative, a cornerstone of President Bola Tinubu's commitment to educational advancement, has disbursed a substantial N242.4 billion. These funds are allocated to both institutional fees and essential upkeep allowances for students, easing the financial burden of pursuing tertiary education.

The scheme operates on an interest-free model, a crucial feature designed to ensure that beneficiaries are not saddled with debt upon graduation. Repayment is structured to commence two years after the completion of the mandatory National Youth Service Programme, providing a grace period for graduates to establish themselves professionally. This approach underscores the government's dedication to fostering a skilled workforce and empowering the youth.

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As of April 2, 2026, disbursements had been made to 288 beneficiary institutions, with a total of N157,455,283,093.25 paid as institutional fees.

With nearly 1.8 million applications received, the high demand for NELFUND loans highlights the pressing need for accessible educational financing in Nigeria. The fund's daily operations and disbursement reports demonstrate a commitment to transparency and efficiency in managing this vital national program. The success of NELFUND is not just a statistic; it represents a tangible investment in Nigeria's future, enabling countless young Nigerians to achieve their academic and career aspirations.

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N84,945,632,200.00 had been disbursed as upkeep allowances to students, bringing the total loan disbursed to N242,400,915,093.25.