The Nigerian Education Loan Fund (NELFUND) has disbursed N322.69 billion to Nigerian students and tertiary institutions since the launch of its student loan portal in May 2024. The latest NELFUND Student Loan Disbursement Status Report, generated on Saturday, showed that the Fund had so far processed 1,659,853 applications under the……
The Nigerian Education Loan Fund (NELFUND) has disbursed N322.69 billion to Nigerian students and tertiary institutions since the launch of its student loan portal in May 2024.
The latest NELFUND Student Loan Disbursement Status Report, generated on Saturday, showed that the Fund had so far processed 1,659,853 applications under the Federal Government’s student loan scheme.
Of the total amount disbursed, N192.89 billion was paid to 319 beneficiary institutions as institutional fees, while N129.80 billion was released to students as upkeep allowances.
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The latest figures indicate a continued expansion of the scheme, which was introduced by the administration of President Bola Tinubu to ease the financial burden associated with tertiary education.
NELFUND said the payments covered institutional fees, including tuition, as well as direct upkeep support for eligible students.
The Fund said the disbursements formed part of the milestones recorded since the student loan portal was launched on May 24, 2024.
According to NELFUND, the intervention is designed to expand access to higher education by reducing financial barriers confronting students and their families.
The Fund has continued to process applications and make payments to beneficiary institutions and students as part of efforts to broaden the reach of the Federal Government’s student financing programme.
