According to the fund’s Daily Status Report as of March 9, 2026, the loan scheme has recorded strong participation from students across the country. Since the application portal opened on May 24, 2024, a total of 1,734,985 students have submitted applications, with more than 1.16 million already receiving payments under the programme.
Hundreds of Institutions Benefiting
The report shows that 270 tertiary institutions across Nigeria have benefited from the initiative so far. The programme is designed to support students enrolled in public higher institutions by covering tuition fees and providing upkeep allowances.
A breakdown of the disbursement indicates that ₦128.84 billion has been paid directly to institutions as tuition fees on behalf of students, while ₦77.45 billion has been distributed to beneficiaries as upkeep allowances to support living expenses.
Together, these payments bring the total amount disbursed under the scheme to ₦206.29 billion.
Applications Continue to Rise
Demand for the loan programme remains steady, with the report showing that 1,910 new applications were recorded compared to the previous day—representing a 0.1 percent increase in submissions.
Expanding Access to Higher Education
The Nigerian Education Loan Fund was created by the Federal Government of Nigeria to provide financial support for students pursuing higher education in public tertiary institutions.
The programme was introduced following the passage of the Student Loans Act, which aims to ensure that qualified Nigerians are not denied access to university education because of financial constraints.
Under the scheme, eligible students can obtain loans to cover tuition and living expenses, with repayment expected after graduation once beneficiaries secure employment. The policy is widely seen as part of broader efforts to improve access to tertiary education and reduce the financial burden on students and their families.