NELFUND Disburses N206bn to Over One Million Students

The Nigerian Education Loan Fund (NELFUND) has successfully disbursed a total of N206.29 billion to 1,164,222 students as part of its loan program aimed at supporting tertiary education across the country. This initiative began following the enactment of the Student Loan Act, which is designed to assist eligible students in public tertiary institutions with their tuition and daily expenses.

The loan application portal was opened on May 24, 2024, and a total of 1,734,985 students submitted applications seeking financial assistance. Of the funds disbursed, N128.84 billion was paid directly to higher institutions to cover tuition fees, while N77.45 billion was allocated for student upkeep allowances to support living expenses during their studies.

The report noted a slight increase in applications, with 1,910 new submissions recorded, representing a 0.1 percent rise compared to previous days. Beneficiaries of the scheme are expected to begin repayment upon completion of their studies, with arrangements in place to ensure they are not burdened by financial instability.