The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N322.69 billion to Nigerian students and tertiary institutions since the launch of its Student Loan Portal in May 2024.

According to the latest NELFUND Student Loan Disbursement Status Report, generated on Saturday, the Fund has processed 1,659,853 applications, reflecting the growing uptake of the Federal Government’s student loan scheme.

The report showed that N192.89 billion had been paid directly to 319 beneficiary institutions as institutional fees, while another N129.80 billion had been disbursed as upkeep allowances to students.

The latest figures represent a further increase in the reach of the scheme, which was introduced by President Bola Tinubu’s administration to ease the financial burden of higher education on students and their families.

NELFUND said the disbursements covered tuition and other institutional fees as well as direct upkeep support to beneficiaries, in line with the Federal Government’s objective of improving access to tertiary education.

The Fund described the figures as part of the milestones achieved since the launch of its student loan portal on May 24, 2024, saying the intervention was aimed at empowering Nigerian students and removing financial barriers to higher education.