By Abiola Olawale
The Nigerian Education Loan Fund (NELFUND) revealed that it has officially disbursed over ₦206 billion in total loan disbursements.
Since its inception under the President Bola Ahmed Tinubu administration, the fund has successfully provided financial lifelines to over 1.16 million students across the federation.
According to the latest Daily Status Report released on March 9, 2026, NELFUND confirmed that exactly ₦206.29 billion has been funneled into supporting the academic dreams of Nigerian youth.
Data from the report indicates that 270 institutions have benefited from the programme so far.
The loan, which covers tuition fees and student upkeep allowances, was introduced to expand access to higher education in Nigeria.
A breakdown of total disbursement revealed that ₦128.84 billion has been paid to institutions as tuition fees on behalf of students, and ₦ 77.45 billion has been disbursed as upkeep allowances to student beneficiaries.
The combined payments bring the total loan disbursed to ₦206.29 billion.
The report also showed that 1,910 new applications were recorded compared with the previous day, representing a 0.1% increase in submissions.
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, aimed at ensuring that financial constraints do not prevent qualified Nigerians from accessing university education.
Under the programme, students can obtain loans to cover tuition fees and living expenses, with repayments expected after graduation and once beneficiaries secure employment.
