1.38m students benefit as loan disbursement hits N242.4bn – NELFUND

The Nigerian Education Loan Fund says 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, a total of 1,778,854 applications have been received since inception.

The report indicated that 353 additional applications were recorded compared to the previous day, while the percentage change in new applications stood at 0.0 per cent.

On funds released, NELFUND said, “As of April 2, 2026, disbursements had been made to 288 beneficiary institutions, with a total of N157,455,283,093.25 paid as institutional fees.”

It added that “N84,945,632,200.00 had been disbursed as upkeep allowances to students, bringing the total loan disbursed to N242,400,915,093.25.”

Enacted under the Student Loan (Access to Higher Education) Act, 2024, signed by President Bola Tinubu, the NELFUND loan is an interest-free student loan.

It covers tuition fees and monthly upkeep allowances, while repayment is to commence two years after completion of the National Youth Service Programme.

Saheed is a journalist at Punch Newspapers with over two years of experience covering metro, technology, sports, politics, and human-interest stories. He focuses on producing clear, engaging reports across diverse beats. Saheed’s work reflects hands-on newsroom experience and a commitment to accurate and balanced journalism.

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