The Nigerian Education Loan Fund has disbursed more than N206 billion to students across 270 tertiary institutions nationwide within 23 months of its launch by Bola Ahmed Tinubu.

Recent data highlights the scheme’s expanding reach, with a total of 1,751,669 applications received since the portal opened in May 2024.

Out of this figure, 1,164,222 students have successfully benefited from the initiative, underscoring its growing role in improving access to higher education.

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 as upkeep allowances.

This dual-approach funding model is designed to address both academic and living expenses, particularly for indigent students.

The programme continues to record steady growth, with an additional 969 applications in its latest update, reflecting sustained public interest and confidence.

Speaking on the development, the Managing Director of NELFUND, Akintunde Sawyerr, assured that no eligible student would be prevented from sitting examinations due to financial challenges.

In an interview on Arise TV, he explained that the initiative provides interest-free loans with flexible repayment terms to eliminate long-standing financial barriers to tertiary education.

Sawyerr emphasized that while the Fund is committed to timely disbursement, strict institutional processes remain necessary to ensure accountability and prevent misuse of public funds.

He also commended Delta State University, Abraka for allowing students with “Verified” or “Disbursed” NELFUND status to sit for examinations upon presenting proof of application. He described the directive as a model of student-focused collaboration.

According to him, such initiatives align with the Fund’s core objective of ensuring that no Nigerian student is denied education due to lack of funds, while promoting fairness and inclusivity across tertiary institutions.

Reacting to the progress made so far, the Tinubu Media Support Group described the disbursement as a transformative milestone in Nigeria’s education sector.

Its leadership, including Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, noted that the initiative is a key component of the administration’s Renewed Hope agenda.

The group highlighted that the scheme’s rapid expansion—from inception with limited institutional structure to supporting over a million students—demonstrates both credibility and widespread acceptance across the country.

It further noted that the loans are interest-free, with repayment scheduled to begin two years after completion of the National Youth Service Corps, subject to employment, and with provisions for deferment where necessary.

While acknowledging early skepticism surrounding the programme, the group maintained that its measurable impact has validated its importance in promoting inclusive access to higher education.

The TMSG expressed optimism that the number of beneficiaries will continue to rise, urging Nigerians to support initiatives aimed at strengthening human capital development nationwide.