The Nigerian Education Loan Fund says it has disbursed more than N206 billion in student loans to support undergraduates in tertiary institutions across Nigeria.
According to the fund’s latest daily status report released on Monday, a total of N206.29 billion has been paid to 1,164,222 students who successfully applied for the loan scheme.
NELFUND noted that beneficiaries are drawn from about 270 public tertiary institutions across the country, showing the programme’s growing reach since its launch.
“The student loan programme has so far supported over 1.16 million students across approximately 270 tertiary institutions nationwide,” the report stated.
The agency explained that the funds were distributed in two major categories. While N128.84 billion was paid directly to institutions to settle tuition fees, N77.45 billion was transferred to students as upkeep allowances to assist with their living expenses.
NELFUND further revealed that applications for the loan continue to increase gradually. The report indicated that 1,910 new applications were recorded within a day, representing a 0.1 per cent rise in the number of applicants.
“The steady increase in applications shows that more students are becoming aware of the opportunity to access financial support for their education,” the report added.
The student loan initiative was established by the Federal Government following the passage of the Student Loans Act, aimed at helping students in public tertiary institutions who face financial difficulties in funding their education.
Under the arrangement, beneficiaries are expected to begin repayment only after completing their studies and securing employment.
NELFUND explained that the repayment structure is designed to ensure sustainability of the scheme while preventing students from being burdened with debt before they become financially stable.
