Over 1.1 Million Students Benefit as NELFUND Loan Disbursement Hits ₦206bn

The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of ₦206,289,101,199.25 in interest-free loans to 1,164,222 student beneficiaries across the country.

According to the agency’s latest Daily Status Report released on Monday, March 9, 2026, the milestone reflects a significant expansion of the federal government’s student credit scheme since its inception.

The fund, which was established to remove financial barriers to higher education, has now reached a cumulative application total of 1,734,985 students from various public tertiary institutions.

A technical breakdown of the ₦206,289,101,199.25 expenditure indicates a dual-channel allocation strategy intended to address both academic and living costs. Specifically, ₦128,841,589,199.25 was paid directly to 270 institution beneficiaries to cover institutional fees, while ₦77,447,512,000.00 was disbursed directly to students as upkeep allowances.

This structured approach, reflecting a core component of President Bola Ahmed Tinubu's "Renewed Hope" agenda, is designed to mitigate the impact of rising educational costs on low-income households and ensure that beneficiaries can maintain a baseline standard of living during their studies.

The data on the portal indicates a steady rise in the volume of applications, with 1,910 additional applications received over the previous day, representing a 0.1% increase in daily activity.

To manage the scale of these operations, the Fund has integrated 270 institutions into its payment architecture as of March 3, 2026, facilitating seamless institutional fee transfers.

The Fund has indicated that it remains on track to hit its target of 2 million beneficiaries by the end of the current academic session.

Prospective applicants are encouraged to utilize the official NELFUND portal for their submissions, using verified JAMB and Admission Numbers to avoid delays.

The next phase of the disbursement exercise is expected to focus on newly accredited state-owned institutions that have recently completed their data synchronization with the NELFUND portal.