The Nigerian Education Loan Fund has confirmed that 1,388,592 students have benefited from its interest free student loan scheme since its inception, with total disbursements reaching ₦242,400,915,093.25.

The figures were contained in the fund's daily status report released on Monday, which also revealed that 1,778,854 applications have been received since the scheme commenced operations.

According to the report, 353 additional applications were recorded compared to the previous day, with the percentage change in new applications standing at 0.0%.

Breaking down the disbursements, NELFUND disclosed that ₦157,455,283,093.25 had been paid as institutional fees to 288 beneficiary institutions, while ₦84,945,632,200.00 had been released as upkeep allowances directly to students.

"As of April 2, 2026, disbursements had been made to 288 beneficiary institutions, with a total of ₦157,455,283,093.25 paid as institutional fees," the fund stated, adding that "₦84,945,632,200.00 had been disbursed as upkeep allowances to students, bringing the total loan disbursed to ₦242,400,915,093.25."

The NELFUND loan was enacted under the Student Loan (Access to Higher Education) Act, 2024, signed by President Bola Tinubu. It is structured as an interest free facility covering tuition fees and monthly upkeep allowances, with repayment expected to begin two years after a beneficiary completes the National Youth Service Programme.

The steady rise in application figures and disbursement volumes reflects growing uptake of the scheme among Nigerian students in tertiary institutions across the country.