Kuni Tyessi in Abuja
The Nigerian Education Loan Fund (NELFUND) has said it has so far disbursed the sum of N242.4 billion since the initiative became fully operational with the launch of its application portal on 24 May 2024.
To this effect, it has reached a major milestone in its student support intervention programme, with a total of 1,388,592 students benefiting from the education loan scheme as of 15 April 2026.
The cumulative disbursement has now reached N242.4 billion since the initiative became fully operational with the launch of its application portal on 24 May 2024.
These figures, according to the latest Student Loan Disbursement Status covers activities from the launch of the scheme on 24 May 2024 to 15 April 2026.
The exclusive report showed the rapid scale-up of the scheme which is designed to improve access to tertiary education funding, reduce financial barriers, and strengthen human capital development under the Federal Government’s Renewed Hope Agenda.
It indicated that over 1.7 million applications have been recorded since inception. Of this number, 1,388,592 students have successfully benefited from the loan scheme.
The cumulative sum disbursed under the scheme now stands at N242,400,915,093.25 (N242.4bn), comprising institutional fees and student upkeep allowances.
A breakdown of the figure shows that N157,455,283,093.25 (N157.4bn) was paid directly to beneficiary institutions as tuition and institutional charges, while N84,945,632,000.00 (N84.9bn) was disbursed as upkeep allowances to students to support their living expenses during the course of study.
The dual disbursement structure, covering both institutional fees and student upkeep, is designed to ensure that beneficiaries are not only enrolled in school but also able to sustain themselves throughout their academic programmes.
The report further shows that 288 tertiary institutions across Nigeria are currently benefiting from the scheme. These include federal and state universities, polytechnics, and colleges of education.
The report stated: “Applications received since inception stand at 1,771,797. A total of 1,388,592 students have so far benefited from the loan scheme since its inception.
“The scheme currently has 288 beneficiary institutions, indicating its reach across tertiary institutions nationwide…
“This report presents a summary of significant milestones achieved since the launch of the NELFUND Student Loan Portal. It details disbursements made to institutions for tuition fees and direct upkeep allowances to students, delivering on one of the key promises of the Renewed Hope Agenda of empowering every Nigerian student,” it added.
The student loan scheme is one of the flagship social investment programmes under the Federal Government’s Renewed Hope Agenda, aimed at expanding access to education and building a skilled workforce for national development.
It is anchored on the principle that no Nigerian student should be denied tertiary education due to financial constraints.
It was established following the signing of the Access to Higher Education Act, 2023, which provided the legal framework for the creation of a centralised student loan scheme in Nigeria.
Meanwhile, NELFUND has described as fake a notice circulating that it has suspended its student loan disbursement programme.
According to a statement issued by the agency on its X account on Saturday, the Fund stated that it had not announced any pause in loan disbursements, urging the public to disregard the message and rely only on official communication channels.
The clarification comes amid growing attention on the scheme, which the Federal Government says has benefited more than one million students since its establishment, improving access to higher education across the country.
The fake notice, which had been circulating online, claimed that “due to unforeseen operational circumstances, NELFUND has taken the difficult decision to temporarily pause the student loan disbursement programme with immediate effect.”
However, NELFUND dismissed the claim, stating, “This document is fake. Kindly disregard the circulating letter on suspension of student loan disbursements. NELFUND has not issued any such directive.”
The Fund advised students and stakeholders to seek verified updates through its official platforms to avoid misinformation.
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