A total of 1,734,985 students have submitted applications for the Nigerian Education Loan Fund scheme since the portal opened on 24th May 2024, with more than 1.16 million already receiving disbursements worth ₦206.29 billion.
The fund's daily status report, released on Monday, 9th March 2026, revealed that 270 tertiary institutions across the country have benefited from the programme since it commenced.
NELFUND disclosed that ₦128.84 billion has been paid directly to institutions as tuition fees on behalf of students, and ₦77.45 billion has been disbursed as upkeep allowances to beneficiaries, bringing the cumulative total to ₦206.29 billion.
The report noted a daily increase of 1,910 new applications compared to the previous day, a 0.1% rise in submissions.
The Federal Government established NELFUND following the enactment of the Student Loans Act to assist eligible students in public tertiary institutions with tuition funds and daily expenses, particularly those who may struggle to finance their education.
The initiative aims to remove financial barriers and expand access to higher education for Nigerians who might otherwise be unable to afford it, according to officials.
Repayments are structured to begin after graduation, and only once beneficiaries secure employment, ensuring the scheme remains sustainable while protecting students from financial burden before they achieve stability.
The arrangement is intended to make the programme sustainable while ensuring that students are not burdened with repayments before they are financially stable.
NELFUND officials emphasised that the programme continues to gain momentum as more students apply and institutions participate, reflecting growing confidence in the initiative.
The fund reiterated its commitment to transparency, timely disbursements, and expanding coverage to reach more deserving students nationwide.
According to the report, over 1.16 million of the 1,734,985 students who applied for financial assistance have already received payments under the scheme.
The scheme continues to attract applications from students across public tertiary institutions nationwide, with daily submissions showing steady growth as awareness about the loan programme spreads among eligible students and their families.
The Federal Government created the fund to assist qualified students facing financial difficulties in pursuing higher education, offering relief to families grappling with rising education costs nationwide.
