The Nigerian Education Loan Fund (NELFUND) has disbursed N161.97 billion to 864,798 tertiary students across the country to support tuition fees and upkeep allowances.

NELFUND’s Managing Director, Akintunde Sawyerr, disclosed that N89.94 billion of the total funds was paid directly to 263 tertiary institutions to cover tuition and institutional charges, while N72.03 billion was given to students as personal upkeep allowances. He said the initiative aims to widen access to higher education and ensure that financial constraints do not prevent eligible students from completing their studies.

Sawyerr noted that the fund has received 1,361,011 loan applications from students nationwide. He also addressed a backlog affecting 11,685 students, whose outstanding upkeep payments of N927.98 million were delayed due to technical issues. Measures have been instituted to resolve these cases promptly.

The student loan scheme is part of the federal government’s education financing reforms under President Bola Ahmed Tinubu’s administration, aimed at reducing financial barriers, improving human capital development, and lowering dropout rates.

NELFUND plans to expand outreach and public sensitisation to ensure more students and guardians are aware of the programme and can access the benefits.