The Nigerian Education Loan Fund (NELFUND) has released more than N206 billion in loans to support students in tertiary institutions across Nigeria since the programme began, the fund said on Monday.

According to the fund’s daily status report, a total of N206.29bn has been disbursed to 1,164,222 students who successfully applied for the scheme. The programme has so far reached students in about 270 tertiary institutions nationwide.

The disbursement breakdown shows that N128.84bn was paid directly to higher institutions to cover tuition fees, while N77.45bn was given to students as upkeep allowances to support living expenses.

NELFUND opened its loan application portal on May 24, 2024, and has received 1,734,985 applications to date. A slight increase of 1,910 applications was recorded compared to the previous day, representing a 0.1 per cent rise.

The Student Loans Act established NELFUND to assist eligible students in public tertiary institutions with tuition and daily expenses, especially those who may struggle to finance their education. Beneficiaries are expected to begin repayment after graduation and securing employment, ensuring the programme remains sustainable without financially burdening students during their studies.