The Nigerian Education Loan Fund (NELFUND) has disbursed over N206 billion to students in 270 tertiary institutions nationwide within 23 months of its establishment by President Bola Ahmed Tinubu.

Recent data highlights the Fund’s expanding role in improving access to higher education, with a total of 1,751,669 applications received since the loan portal was launched in May 2024.

Out of this number, 1,164,222 students have successfully benefited from the scheme.

A breakdown of the disbursement shows that N128.84 billion was paid directly to institutions to cover tuition fees, while N77.45 billion was allocated to students as upkeep allowances.

This dual approach is aimed at addressing both academic and living expenses, particularly for indigent students.

NELFUND continues to record steady growth, with 969 new applications in its latest update, reflecting sustained public interest and confidence in the programme.

Speaking on the initiative, the Managing Director of NELFUND, Mr Akintunde Sawyerr, assured that no eligible student would be prevented from sitting for examinations due to financial constraints.

He explained that the scheme was designed to remove barriers to tertiary education by providing interest-free loans with flexible repayment terms.

Sawyerr noted that while the Fund prioritises timely disbursement, it also adheres to strict institutional procedures to ensure transparency and prevent misuse of funds.

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He also commended Delta State University, Abraka, for adopting a student-friendly policy that allows students with “Verified” or “Disbursed” NELFUND status to sit for their first semester 2025/2026 examinations upon presenting proof of participation in the scheme.

He described the move as a strong example of institutional collaboration in support of students.

According to him, such initiatives align with the core objective of NELFUND, which is to ensure that no Nigerian student is denied access to education due to financial challenges, while promoting inclusivity across tertiary institutions.

Reacting to the development, the Tinubu Media Support Group (TMSG) described NELFUND’s performance as a significant milestone and a transformative intervention in Nigeria’s education sector.

In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group noted that the Fund has become a key driver of the administration’s Renewed Hope agenda by expanding access to higher education.

TMSG also highlighted that the student loan scheme, introduced through legislation signed by President Tinubu and strengthened by the 10th National Assembly in March 2024, has recorded rapid growth and widespread acceptance despite initial scepticism.

The group emphasised that the loans are interest-free, with repayment structured to begin two years after completion of the National Youth Service Corps (NYSC), subject to employment, and with provisions for deferment where necessary.

Commending the Fund’s management for maintaining transparency and active public engagement, TMSG expressed optimism that the number of beneficiaries will continue to grow before the end of the administration’s first term.

The group further called on Nigerians to support government initiatives aimed at fostering inclusive growth and advancing human capital development nationwide.