The Nigerian Education Loan Fund (NELFUND) has disbursed N161.97 billion to 864,798 students across the country since it’s inception in about a period of 500 days. This amount includes N89.94 billion paid directly to 263 tertiary institutions for tuition and institutional fees, and N72.03 billion paid to students as upkeep allowances. The fund has received 1,361,011 loan applications from students nationwide, with applications for the 2025/2026 academic session already open.
NELFUND’s Managing Director, Akintunde Sawyerr, stated that the fund aims to ensure no Nigerian student is denied education due to financial constraints, aligning with President Bola Tinubu’s Renewed Hope Agenda. The agency is also working to resolve outstanding upkeep payments amounting to N927.98 million for 11,685 students.
“As at today, 1,361,011 applications have been received, 864,798 students have so far benefited from the loan scheme, and total disbursement stands at N161.97 billion.These includes N89.94 billion paid directly to 263 tertiary institutions for tuition and institutional fees, and N72.03 billion paid directly to students as upkeep allowances,” he said.
