The Nigerian Education Loan Fund (NELFUND) has
announced the disbursement of additional student loan funds, aimed at reducing
financial strain on beneficiaries and enabling them to focus on their academic
pursuits.
In a statement posted on its official X account on
Sunday, the agency said the latest release forms part of its broader efforts to
widen access to tertiary education financing across the country.
One of the beneficiary institutions acknowledged
receipt of the funds in a letter dated January 20, 2026. The correspondence,
signed by Registrar Rufina Ufiofio on behalf of Vice-Chancellor Samuel Asagba,
noted that the financial support would allow affected students to concentrate
more fully on their studies. The institution also commended NELFUND for
strengthening access to higher education.
NELFUND reported significant progress since launching
its student loan portal on May 24, 2024. According to the agency, it has
received over 1.6 million applications, with 983,706 students already
benefiting from the scheme.
The fund also recorded a 0.3 percent increase in new
applications compared to the previous day, translating to 5,541 additional
submissions.
As of February 1, 2026, NELFUND disclosed that a total
of N183.9 billion has been disbursed under the programme. Of this amount, N107.1 billion was paid directly to 265 beneficiary institutions to cover
tuition fees, while N76.8 billion was allocated to students as upkeep
allowances.
Under the initiative, tuition fees are paid straight
to universities, while students receive monthly allowances to support their
living expenses. The loans are interest-free, and repayment is scheduled to
begin two years after beneficiaries complete the National Youth Service Corps
programme. The scheme also includes provisions for loan forgiveness in cases of
death or permanent disability.
NELFUND confirmed that applications for the 2025/2026
academic session remain open, with the deadline extended to February 27, 2026.
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