The Nigerian Education Loan Fund has disbursed a cumulative total of N242.4 billion to students across the country since its application portal went live in May 2024, reaching nearly 1.4 million beneficiaries and cementing its status as one of the federal government’s most consequential social investment programmes.
Data covering the period from the scheme’s launch on May 24, 2024, to April 15, 2026, showed that 1,388,592 students had successfully received support from the fund out of over 1.7 million applications received since inception. The total sum disbursed stands at N242,400,915,093.25, comprising two streams of support: N157.4 billion paid directly to beneficiary institutions as tuition and institutional charges, and N84.9 billion disbursed as upkeep allowances to help students cover their living expenses throughout their academic programmes.
The dual disbursement model is designed to ensure that beneficiaries are not only enrolled in school but are also financially supported to remain there. A total of 288 tertiary institutions across the country are currently participating in the scheme, including federal and state universities, polytechnics, and colleges of education.
The scheme was established following the signing of the Access to Higher Education Act in 2023, which provided the legal framework for a centralized student loan programme in Nigeria. It operates on the principle that no Nigerian student should be denied access to tertiary education on account of financial limitations.
In a separate development, the fund moved to counter a false notice that had been circulating online claiming that it had temporarily suspended its loan disbursement programme. The fund categorically denied the claim in a statement posted on its official X account, urging the public to rely exclusively on its verified communication channels for updates.
The fake notice had claimed that unforeseen operational circumstances had forced the fund to pause disbursements with immediate effect. The fund rejected this characterization entirely. “This document is fake. Kindly disregard the circulating letter on suspension of student loan disbursements. NELFUND has not issued any such directive,” it said, advising students and stakeholders to exercise caution and verify all information through official platforms.
