The Nigerian Education Loan Fund (NELFUND) says it has disbursed more than N206 billion in student loans to support undergraduates in tertiary institutions across the country since the programme was launched.
According to the Fund’s daily status report released on Monday, a total of N206.29bn has so far been paid to 1,164,222 students who successfully applied for the loan scheme.
The report indicated that beneficiaries are spread across about 270 tertiary institutions nationwide, highlighting the expanding reach of the initiative.
NELFUND opened its loan application portal on May 24, 2024, and since then 1,734,985 students have submitted applications seeking financial support for their education. Out of this number, more than 1.16 million students have already received payments under the programme.
A breakdown of the disbursement shows that N128.84bn was paid directly to higher institutions to cover the tuition fees of beneficiaries. In addition, N77.45bn was paid to students as upkeep allowances to assist with their daily living expenses while studying.
The report also recorded a slight increase in the number of applicants, with 1,910 new submissions compared to the previous day, representing a 0.1 per cent rise in applications.
NELFUND was established by the Federal Government following the enactment of the Student Loans Act. The scheme aims to help eligible students in public tertiary institutions access funds for tuition and personal expenses, particularly those facing financial challenges.
Under the arrangement, beneficiaries are expected to begin repaying the loans after completing their studies and securing employment.
The repayment structure, according to the Fund, is designed to make the programme sustainable while ensuring that graduates are not burdened with repayments before they become financially stable.
Advertisement
