The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N161.97 billion to students across the country, benefiting more than 864,000 undergraduates since the launch of the scheme in May 2024.

According to the NELFUND Student Loan Disbursement Daily Status Report, current as of January 6, 2026, the fund has received 1,332,966 applications from inception, with 4,462 new applications recorded in the last reporting day, representing a 0.3% increase.

A breakdown of the disbursements shows that N89.94 billion has been paid directly to institutions as tuition and institutional fees, while N72.03 billion has been released to students as upkeep allowances.

In total, 263 public tertiary institutions across Nigeria have so far benefited from the scheme.

The student loan programme, introduced by the Administration of President Bola Tinubu, was designed to provide interest-free financial support to students in public tertiary institutions, including federal and state universities, polytechnics, colleges of education, and vocational schools.

To qualify for the loan, applicants must be Nigerian citizens residing in the country and must have secured admission into a recognised public tertiary institution through the Joint Admissions and Matriculation Board (JAMB).

Eligible students are required to present a valid JAMB registration number and admission letter, as well as their National Identification Number (NIN) and Bank Verification Number (BVN).

Both fresh and existing full-time students are eligible, while part-time students may also apply provided they have a JAMB number.

NELFUND also clarified that applicants would be disqualified if they have defaulted on previous loans, submitted fraudulent documents, been dismissed for examination malpractice, or convicted of criminal offences such as fraud, forgery, drug-related crimes, or cultism.

On his part, Akintunde Oluwole Sawyerr, the Managing Director of NELFUND, has continued to urge financially challenged students to take advantage of the loan scheme, describing it as a critical lifeline for completing their education.

Speaking recently at the University of Ilorin, Sawyerr said that many Nigerian undergraduates were forced to abandon their studies after several years due to financial constraints, a situation he said, resulted in wasted academic potential and personal setbacks.

He explained that NELFUND was established to prevent such outcomes and to ensure that students are supported to attain their full potential in their chosen professions.

“Education remains the foundation for national growth. Most of the countries we regard as advanced are only advanced because their people are educated, knowledgeable, and certified. When things work in those countries, it is because the populace is well educated and able to apply that education to improve their society,” Sawyerr said.

He added that the inability of students to complete tertiary education is not just an individual challenge but a national concern, stressing that sustained investment in education is essential for Nigeria’s long-term development and competitiveness.

NELFUND reaffirmed its commitment to expanding access to higher education and ensuring that no qualified student is denied schooling due to financial hardship.