The Nigerian Education Loan Fund (NELFUND) says it has disbursed a total of N161.97 billion to 864,798 students across the country since the launch of its student loan portal.
The Managing Director of NELFUND, Mr Akintunde Sawyerr, disclosed this on Tuesday in Abuja while briefing journalists on the progress, impact and challenges of the student loan scheme.
Sawyerr said the fund, established under President Bola Tinubu’s Renewed Hope Agenda, was designed to ensure that no Nigerian student was denied access to tertiary education due to financial constraints.
According to him, the agency has so far received 1,361,011 loan applications from students nationwide.
He explained that out of the N161.97 billion disbursed, N89.94 billion was paid directly to 263 tertiary institutions to cover tuition and other institutional charges, while N72.03 billion was disbursed to students as upkeep allowances.
“As at today, 1,361,011 applications have been received, 864,798 students have so far benefited from the loan scheme, and total disbursement stands at N161.97 billion.
“These include N89.94 billion paid directly to 263 tertiary institutions for tuition and institutional fees, and N72.03 billion paid directly to students as upkeep allowances,” he said.
Sawyerr described the figures as evidence of the scheme’s tangible impact on students and families, noting that financial barriers to education were gradually being removed while new opportunities were being created.
He added that NELFUND had, over the past year, embarked on extensive sensitisation campaigns across tertiary institutions to improve awareness and access to the loan scheme.
According to him, the sensitisation efforts will now be expanded to parents, guardians, traditional rulers and faith-based organisations to deepen public understanding and acceptance of the programme.