No fewer than 1,388,592 students have benefited from the Nigeria Education Loan Fund (NELFUND), with cumulative disbursements reaching about N242.4 billion.
The Vice Chancellor of Lagos State University of Education (LASUED), Prof. Bidemi Lafiaji-Okunneye, disclosed this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Lagos.
Lafiaji-Okunneye described the scheme as a positive stimulant to Nigeria’s education sector, particularly for easing the financial burden on students and their parents.
She spoke against the backdrop of Nigeria’s 66th Independence anniversary and the achievements of the administration of President Bola Tinubu.
According to NELFUND, N157.46 billion had been disbursed as institutional fees to 288 beneficiary institutions as of April 2, 2026.
The fund said an additional N84.95 billion had been disbursed as upkeep allowances to students, bringing total disbursements to about N242.4 billion.
NELFUND said the figure of 1,388,592 beneficiaries was contained in its subsequent status update covering activities up to April 15, 2026.
Lafiaji-Okunneye described NELFUND as a financial relief for students who might otherwise struggle to meet their educational expenses.
“NELFUND has brought stability to Nigerian students and eased financial stress on parents.
“It has aided students to concentrate on their studies without the burden of engaging in menial jobs to pay school fees.
“The availability of this fund has removed social inequality that predisposes many students to distractions that bear negatively on their academic performance,” she said.
She said the scheme had also contributed to improved academic performance by enabling students to focus more on their studies and research.
The vice chancellor described NELFUND as having “good social redeeming value”, saying it had fostered patriotism among beneficiaries and strengthened parents’ sense of belonging.
Lafiaji-Okunneye also commended the Tinubu administration for its investment in Information and Communication Technology (ICT) and technical education.
She said students were increasingly embracing technological trends to develop commercially viable products and innovations from laboratories and technical workshops.
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The vice chancellor cited metal waste bins, electronic voting systems and “banking made easy” software as examples of innovations emerging from such initiatives.
NELFUND was established under the Student Loan (Access to Higher Education) Act, 2024, signed into law by President Tinubu.
The interest-free loan covers tuition fees and monthly upkeep allowances, while repayment commences two years after completion of the National Youth Service Corps (NYSC) programme.
