The Nigerian Education Loan Fund has revealed that a total of 1,388,592 students have so far benefited from its student loan scheme.
According to the fund’s daily status report released on Monday, it has received 1,778,854 applications since the programme commenced.
The report showed that 353 additional applications were recorded compared to the previous day, with the percentage change in new applications standing at 0.0 per cent.
On disbursements, NELFUND stated that as of April 2, 2026, payments had been made to 288 beneficiary institutions, with a total of N157,455,283,093.25 released as institutional fees.
It added that N84,945,632,200.00 had been disbursed to students as upkeep allowances, bringing the total amount released under the scheme to N242,400,915,093.25.
Established under the Student Loan (Access to Higher Education) Act, 2024, signed into law by President Bola Tinubu, the NELFUND scheme offers interest-free loans to students.
The facility covers tuition fees and provides monthly upkeep allowances, with repayment scheduled to begin two years after beneficiaries complete the National Youth Service Programme.
Elijah Adeyemi
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