The Nigerian Education Loan Fund (NELFUND) on Sunday, January 4, has disclosed that total disbursements under the student loan scheme have reached N161.97bn, according to its weekly report covering December 29, 2025, to January 4, 2026.
In a report posted on its X social media platform, NELFUND revealed that it received 17,507 new loan applications during the week, bringing the total number of successful applications since the scheme’s launch in May 2024 to 1,326,008.
As of December 29, 2025, 864,798 students across 263 institutions had received loan payments.
Of these, N89.94 billion was disbursed directly to cover institutional fees, while N72.03 billion went to students as upkeep allowances.
NELFUND was established to manage the Nigeria Student Loan Scheme, which was enacted into law by president Bola Tinubu in April 2024.
The initiative provides interest-free loans to students in public tertiary institutions to cover tuition and living expenses, particularly for those from low-income backgrounds.
Under the scheme, beneficiaries are required to repay the loans after completing their education and securing employment.
The program aims to reduce financial barriers to higher education and expand access for students nationwide.
Comments