Get Guardian on GoogleThe Nigerian Education Loan Fund (NELFUND) has disbursed N375.28 billion in student loans, covering tuition fees and upkeep allowances for 1,675,474 students across 320 beneficiary institutions since the scheme commenced in May 2024.
The latest Student Loan Disbursement Report, generated on November 12, 2026, showed that N194.77 billion had been paid directly to beneficiary institutions as tuition fees, while N180.51 billion was disbursed as upkeep allowances to students.
According to the report, the cumulative disbursement stood at N375,282,425,723.25 as of October 29, 2026, representing the combined payments for institutional fees and students’ upkeep.
The report also showed that NELFUND had received 2,449,717 applications since the commencement of the scheme on May 24, 2024, underscoring the growing demand for financial support among students seeking access to higher education.
The Fund recorded 13,739 new applications on November 11 alone, bringing the cumulative number of applications to nearly 2.45 million.
Of the total amount disbursed, institutional fee payments accounted for N194.77 billion across 320 beneficiary institutions, while N180.51 billion went directly to students as upkeep allowances, providing support for their educational and living expenses.
The agency said the report captured significant milestones achieved since the launch of its Student Loan Portal, noting that the disbursements to institutions and direct payments to students formed part of the Federal Government’s Renewed Hope Agenda of expanding access to higher education and empowering Nigerian students.
Meanwhile, the Managing Director/ Chief Executive Officer of the Fund, Akintunde Sawyerr has tasked ministries, Departments and Agencies on ensuring that the benefits associated with the loan reach the intended beneficiaries, as they are critical to disseminating the right information about the scheme
Akintunde gave the task during a sensitization roadshow organized by the agency, at the Federal Ministry of Humanitarian Affairs, Federal Secretariat, Abuja.
He said the sensitization was aimed at increasing awareness and understanding of the scheme as well as address misconceptions with accurate information
He said the fund believes that ministries are critical stakeholders in national development and have an important role to play in creating awareness and ensuring the laudable federal government Initiative reaches its intended beneficiaries.
“I sincerely appreciate the Federal Ministry of Humanitarian. For providing this opportunity for us to engage with its management and staff. The purpose of this roadshow is to deepen awareness and understanding of NElFund’s mandate, operations and the opportunity available to eligible Nigerian students to access financial support for higher education,‘’ he said
Sawyerr commend the staff for their active participation, constructive engagement and valuable contributions during this session.
Also speaking, the Director of SERVICOM at NELFUND, Olusola Fowobaje said the Fund chose the Ministry of Humanitarian Affairs in the exercise because they are close to the grassroots in their efforts to reduce poverty in the nation.
He said the fund is of note that MDA workers may have been aware of the activities of the fund through television and social media platforms but the information may not be in depth because of their daily busy engagement in the office.
“They are parents and guardians, so they need the in-depth information of the product that NELFUND has, hence the initiative.
’The fortunate thing about this product is that we are not selling the product. We are giving it out in the form of loans to our students, to our children in federal and state government institutions.without interest,” he said
He said the sensitization team had gone to the Ministry of Regional Development. and has equally scheduled other places including security agencies barracks for further engagements.
He explained that the initiative became very important as information available indicated some students collect the loan and still collect school fees from their parents.
