Abuja, Nigeria – The Nigerian Education Loan Fund has disbursed N206.29 billion (137 million USD) in student loans to 1,164,222 beneficiaries since the scheme’s launch.
The figures were disclosed in the fund’s Daily Status Report generated on March 9, 2026.
Okay News reports that since the portal opened on May 24, 2024, a total of 1,734,985 students have applied for the loan scheme. More than 1.16 million have already benefited from disbursements covering tuition fees and student upkeep allowances.
The disbursement reflects progress since the launch of the student loan programme. This initiative was introduced to expand access to higher education in Nigeria and deliver on a key promise under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Data from the report indicates that 270 institutions have benefited from the programme so far. N128.84 billion has been paid to institutions as tuition fees on behalf of students. N77.45 billion has been disbursed as upkeep allowances to student beneficiaries.
The report showed that 1,910 new applications were recorded compared with the previous day. This represents a 0.1% increase in submissions.
In January 2026, NELFUND identified N927.98 million in unpaid upkeep allowances owed to 11,685 students. This followed a reconciliation exercise after the 2024/2025 academic session.
The Nigerian Education Loan Fund was established by the Federal Government to provide financial support to Nigerian students pursuing higher education in public tertiary institutions. The scheme was introduced following the passage of the Student Loans Act.
Under the programme, students can obtain loans to cover tuition fees and living expenses. Repayments are expected after graduation once beneficiaries secure employment.
Managing Director Akintunde Sawyerr explained in December 2025 that private university students are temporarily excluded from student loans. This exclusion stems from high fees, limited student financial capacity data, and funding constraints.
The initiative is expected to expand access to higher education and reduce dropout rates caused by financial hardship. It also supports human capital development by enabling more Nigerians to complete tertiary education.
 in student loans to 1,164,222 beneficiaries since the scheme's launch.){kind=link}