NELFUND Releases N116 Billion for Fees & Upkeep — Are You Among the Beneficiaries? 

Nigeria’s student loan programme has recorded another major milestone as the Nigerian Education Loan Fund announced that total disbursements have now climbed to N116 billion. The fund said the money was released to support students’ institutional fees and monthly upkeep across federal and state-owned universities, polytechnics, and colleges of education.

According to the management, the loan scheme is rapidly expanding as more students embrace government-backed financial support to continue their education without the burden of school fees. The latest update shows that the programme has become one of the most impactful social investment initiatives of the current administration.

NELFUND explained that out of 1,067,000 students who applied, 624,000 beneficiaries have already started receiving payments. A total of N65 billion went directly to institutions for approved fees while N51 billion was released as upkeep allowances to support daily expenses for students across the country. The agency said this structure ensures transparency and prevents misuse of funds.

The fund noted that payments for new students are handled carefully due to the high financial risk involved. Many freshers may still change their minds after receiving admission offers, switch schools, or fail to complete registration. To avoid paying fees for students who may not eventually resume, the fund requires proof of matriculation before institutions can process their details.

However, NELFUND acknowledged the difficulties faced by newly admitted students who cannot access loans because they do not yet have matriculation numbers. The agency confirmed that it is working with tertiary institutions to adopt a temporary approach that will allow eligible students to use their JAMB registration numbers so they can process their fees and complete registration on time.

The loan scheme is also preparing for a major expansion. Plans are underway to extend government-backed financial support to vocational and skills development programmes nationwide. This move aligns with the broader national agenda of building a skilled workforce that blends academic knowledge with technical capability.

The management noted that different institutions have varying academic schedules, which sometimes leads to delays in upkeep payments. Many complaints, according to the fund, come from students who applied late but assumed the delay was from the system. As the scheme grows, NELFUND says coordination is improving and more institutions are aligning their processing timelines.

With the rapid rise in applications and the significant amount already disbursed, the education loan programme is gradually removing financial barriers that previously prevented many young Nigerians from accessing tertiary education. The fund reaffirmed its commitment to ensuring that no qualified student is left behind due to lack of money.