The Nigerian Education Loan Fund, NELFUND, has disbursed more than N206 billion to students in 270 institutions nationwide, in the 23 months of its launch by President Bola Ahmed Tinubu.

The latest figures, which indicate its growing impact in expanding access to tertiary education, show that 1,751,669 applications have been received since the portal opened in May 2024, out of which 1,164,222 students have successfully benefited from the scheme. 

A breakdown of the disbursement showed that N128.84 billion has been paid directly to 270 beneficiary institutions as tuition fees, while N77.45 billion has been released to students as upkeep allowances. 

This is to ensure that both academic costs and living expenses are addressed, making higher education more accessible to indigent students.

The Fund has also maintained steady growth, recording 969 new applications in its most recent update, representing a 0.1 per cent increase, an indication of sustained interest and public confidence in the programme.

The Managing Director of NELFUND,  Akintunde Sawyerr, assured Nigerian students that no eligible beneficiary of the education loan scheme would be barred from sitting for examinations due to financial constraints. 

Sawyerr noted that the scheme, introduced by President Tinubu, was designed to eliminate financial barriers to tertiary education through interest-free loans with flexible repayment terms.

He further noted that while NELFUND is committed to swift disbursement, government funding necessitates strict institutional processes to prevent misappropriation.

Sawyerr had, in a statement by the Director of Strategic Communication at NELFUND, Mrs. Oseyemi Oluwatuyi, commended the management of Delta State University, Abraka, for its student-friendly directive.