The Nigerian Education Loan Fund (NELFUND) has channelled N129.80 billion directly to students as upkeep allowances, as total disbursements under the Federal Government’s student loan scheme climbed to N322.69 billion.
The figure is contained in NELFUND’s latest Student Loan Disbursement Status Report, generated on Saturday, which also showed that N192.89 billion had gone to 319 tertiary institutions for institutional fees.
Since the Student Loan Portal opened on May 24, 2024, NELFUND has processed 1,659,853 applications, indicative of the scale of demand for financial assistance among students in Nigerian tertiary institutions.
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The N322.69 billion disbursed so far covers institutional charges and direct upkeep payments to eligible beneficiaries.
Of the total, institutional fees accounted for the larger share at N192.89 billion, while N129.80 billion was released as upkeep support to students.
NELFUND said the intervention was designed to ease the financial pressure associated with tertiary education and broaden access for students who may otherwise struggle to meet the cost of their studies.
The Fund linked the latest figures to the progress recorded since the establishment of its student loan portal, which was introduced as part of the Federal Government’s effort to reduce financial barriers to higher education.
The student loan scheme was launched under President Bola Tinubu’s administration to provide financial assistance for students and support their continued participation in tertiary education.
NELFUND said its disbursement programme covers tuition and other institutional fees, alongside upkeep allowances paid directly to beneficiaries.
With more than 1.65 million applications processed since the portal opened, the latest report places the scheme’s financial reach at more than N322 billion within just over two years.
The Fund maintained that the intervention is intended to empower Nigerian students and make tertiary education more accessible by cushioning some of the costs borne by students and their families.
