TWISDIC INFO NEWS
The Nigerian Education Loan Fund (NELFUND) has revealed that it has disbursed more than ₦206 billion to students and tertiary institutions across the country in less than two years, providing a lifeline to thousands of Nigerians pursuing higher education.
According to officials of the Fund, a total of ₦206.29 billion has so far been released under the Federal Government's student loan scheme. Of the amount, ₦128.84 billion was paid directly to over 270 tertiary institutions to cover students' tuition fees, while ₦77.45 billion was disbursed to beneficiaries as upkeep allowances to support their living expenses.
Since the loan application portal opened in May 2024, more than 1.7 million applications have been received, with over 1.1 million Nigerian students already benefiting from the initiative.
Speaking on the milestone, NELFUND officials said the scheme was created to ensure that no qualified Nigerian is denied access to tertiary education because of financial hardship. The Fund added that strict verification processes have been put in place to guarantee transparency and ensure that the loans reach genuine beneficiaries.
The student loan programme, introduced under the administration of President Bola Ahmed Tinubu, is part of ongoing efforts to improve access to higher education through interest-free financial support. Beneficiaries are expected to begin repayment only after graduation and upon securing employment.
The development marks a significant shift in Nigeria's education financing system, offering hope to students from low-income families who previously struggled to pay tuition fees and other academic expenses.
Twisdic Info News reports that with over one million beneficiaries already recorded, NELFUND is rapidly becoming one of Nigeria's biggest education support initiatives, reshaping the future of tertiary education and giving countless young Nigerians a renewed chance to achieve their academic dreams.
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