The Nigerian Education Loan Fund (NELFUND) says a total of 1,388,592 students have benefited from its interest-free student loan scheme, as applications continue to rise across the country.
According to the agency’s latest daily status report released on Monday, a cumulative 1,778,854 applications have been received since the launch of the programme.
The report also noted a marginal increase of 353 new applications compared to the previous day, reflecting a 0.0 per cent change in application growth.
In terms of financial disbursement, NELFUND disclosed that as of April 2, 2026, it had paid out ₦157,455,283,093.25 directly to 288 beneficiary institutions as institutional fees.
In addition, ₦84,945,632,200.00 was released as upkeep allowances to students, bringing the total amount disbursed under the scheme to ₦242,400,915,093.25.
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The initiative, established under the Student Loan (Access to Higher Education) Act, 2024, signed into law by President Bola Tinubu, is designed to remove financial barriers to tertiary education by offering interest-free loans to eligible students.
The scheme, administered by Nigerian Education Loan Fund, covers both tuition fees and monthly upkeep allowances.
Under its repayment structure, beneficiaries are expected to begin repayment two years after completing the National Youth Service Corps (NYSC).
Since its rollout, the programme has been widely regarded as a major intervention in Nigeria’s education sector, particularly at a time when many students struggle with rising tuition costs and living expenses.
The steady increase in applications underscores the high demand for accessible education financing across the country.