The Nigerian Education Loan Fund (NELFUND) says it has disbursed over N206 billion to students across 270 tertiary institutions nationwide within its first year of operation.

According to the Fund, which commenced operations in May 2024, it has received a total of 1,751,669 applications, out of which 1,164,222 have been approved for funding.

A breakdown of the disbursement shows that N128.84 billion was paid directly to institutions to cover tuition fees, while N77.45 billion was released to students for upkeep and living expenses.

Managing Director of NELFUND, Akintunde Sawyerr, said the scheme is designed to ensure that financial challenges do not hinder students’ academic progress.

Speaking in an interview on Arise TV, Sawyerr assured beneficiaries that no eligible student would be prevented from sitting examinations due to inability to pay fees.

He explained that the programme offers interest-free loans with flexible repayment terms, aimed at expanding access to higher education across the country.

Sawyerr also disclosed that the Fund continues to record strong uptake, with more than 969 new applications received in its latest update.

The initiative, introduced by the federal government, is part of broader efforts to reduce financial barriers and support students in achieving their educational goals.