Student Loan Scheme: NELFUND Releases ₦154bn to Support Over 788,947 Nigerian Students

NELFUND Disburses ₦154 Billion Student Loan to Support Over 788,947 Nigerian Students Nationwide

The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦154 billion under the Federal Government’s Student Loan Scheme, providing critical financial support to over 788,947 Nigerian students across tertiary institutions nationwide. This landmark intervention marks a significant milestone in the government’s efforts to improve access to higher education and reduce the financial burden on students and their families.NELFUND Disburses ₦154 Billion Student Loan to Support Over 788,947 Nigerian Students Nationwide

The disbursement reflects the growing impact of the Student Loan Scheme, which was introduced to ensure that no qualified Nigerian student is denied education due to lack of funds.

Breaking Down the ₦154 Billion Student Loan Disbursement

According to NELFUND, the funds released cover tuition fees and upkeep allowances, enabling students to focus fully on their academic pursuits without financial distractions. Beneficiaries include students from:

• Federal and state universities

• Polytechnics and colleges of education

• Other accredited tertiary institutions

The scheme prioritizes equity and inclusion, ensuring students from low-income backgrounds can access quality education regardless of economic status.

How the Student Loan Scheme Benefits Nigerian Students

The Student Loan Scheme has introduced a new era of educational financing in Nigeria. Some of its key benefits include:

• Interest-free loans for eligible students

• No collateral required, making it accessible to more applicants

• Deferred repayment, which begins only after graduation and employment

• Direct payment to institutions, promoting transparency and accountability

By removing immediate financial pressure, the initiative allows students to concentrate on academic excellence and skill development.

NELFUND’s Commitment to Educational Development

NELFUND has reaffirmed its commitment to sustaining and expanding the Student Loan Scheme. The agency stated that continuous improvements are being made to the application process to ensure faster approvals, wider reach, and efficient disbursement.

With nearly 800,000 students already benefiting, the fund is positioning itself as a cornerstone of Nigeria’s education reform agenda.

Boosting Human Capital and National Growth

Education experts have described the ₦154bn disbursement as a strategic investment in Nigeria’s future. By empowering students today, the government is strengthening the country’s human capital, which is essential for:

• Economic growth

• Innovation and entrepreneurship

• Reduced unemployment

• Long-term national development

The Student Loan Scheme is expected to play a critical role in closing the education gap and fostering social mobility.

How Students Can Apply for the NELFUND Student Loan

Eligible students can apply through the official NELFUND application portal by:

1. Creating an account

2. Providing required academic and personal details

3. Submitting necessary verification documents

4. Tracking application status online

NELFUND encourages students to apply early and ensure all information provided is accurate to avoid delays.

Conclusion

The release of ₦154 billion to support over 788,947 Nigerian students underscores the Federal Government’s resolve to make higher education accessible and affordable. As the Student Loan Scheme continues to expand, it promises to reshape the educational landscape and provide millions of young Nigerians with the opportunity to achieve their academic and career aspirations.

With sustained funding, transparency, and efficient implementation, NELFUND’s Student Loan Scheme stands as a transformative policy for Nigeria’s educational future.