The Nigerian Education Loan Fund (NELFUND) has disbursed ₦303.9 billion to 1,635,676 students under the Federal Government’s student loan scheme, according to the latest figures released on the agency’s daily dashboard.
The report showed that beneficiaries were drawn from federal tertiary institutions across the country, with the scheme receiving a total of 1,800,489 applications since its launch in May 2024.
According to the dashboard, ₦190.06 billion was paid directly to 315 tertiary institutions to cover students’ tuition fees, while ₦113.85 billion was disbursed to beneficiaries as monthly upkeep allowances, bringing total disbursements to ₦303.91 billion as of July 4.
The agency also reported that no new applications were recorded compared to the previous day’s update.
The student loan programme, one of President Bola Tinubu’s flagship education initiatives, was launched following the enactment of the Student Loans (Access to Higher Education) Act and the establishment of NELFUND in May 2024.
The scheme provides interest-free loans to eligible students in public tertiary institutions to cover tuition fees and monthly upkeep allowances, with repayment expected to begin after beneficiaries secure employment and meet conditions outlined by law.
Funding for the programme comes from several sources provided under the Act, including Federal Government budgetary allocations, the Tertiary Education Trust Fund (TETFund), recoveries by the Economic and Financial Crimes Commission, as well as grants and donations.
NELFUND Managing Director, Akintunde Sawyerr, disclosed during an appearance before the House of Representatives last year that the agency had received about ₦203 billion from the Federal Government through various funding channels, including ₦50 billion from the EFCC recovered assets.
The recovered funds were released following a directive by President Tinubu.
Last week, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, also revealed that savings from the removal of petrol subsidy were being used to finance the student loan scheme, among other government obligations.
The Federal Government has consistently described the initiative as a key component of its Renewed Hope Agenda, aimed at expanding access to higher education, reducing student dropout rates caused by financial hardship and promoting equitable educational opportunities for Nigerians.
