Victoria Mgbanwa
In a significant push to improve access to higher education, the Nigerian Education Loan Fund (NELFUND) has disbursed over N32.8 billion in both tuition and upkeep support to students across the country. The initiative, a core policy of President Bola Tinubu’s administration, aims to ease financial burdens on students from low-income backgrounds.
According to a statement released by NELFUND on Monday, a total of 192,906 students have benefited from N20 billion in institutional fees, while 169,114 students received N12.8 billion in monthly stipends to cover living expenses.
The statement read, “As of February 3, 2025, NELFUND has received a total of 364,042 student loan applications. So far, the Fund has disbursed a total of N20,074,050,000 for institutional fees, benefiting 192,906 students across various tertiary institutions.
“NELFUND has disbursed N12,818,960,000 to 169,114 students, each receiving a monthly stipend of N20,000.”
The student loan scheme, backed by the Access to Higher Education Act, was re-enacted earlier this year to strengthen its framework. The law established NELFUND as the managing body responsible for processing applications, disbursing funds, and ensuring loan repayment.
Funding for the scheme comes from multiple revenue streams, with additional strategies being explored to sustain its operations. As part of its commitment to transparency, NELFUND reassured the public that updates on disbursements would be provided regularly.
With nearly 200,000 students already benefiting, the initiative marks a transformative step in addressing financial barriers to tertiary education in Nigeria.
