The Federal Government has approved an additional N110 billion for student loans, providing much-needed financial support for those studying at public tertiary institutions.
If you’re a student or have one in your family, this could be a game-changer for managing tuition fees and upkeep.
The Nigerian Education Loan Fund (NELFUND), the agency overseeing this initiative introduced by President Bola Tinubu, announced the approval during an event in Abuja.
Let’s break it down so you can understand exactly how this works and what it means for students across the country.
How the N110 Billion Will Be Distributed
Here’s how the funds will be allocated:
A significant portion of the loan—60%—will be paid directly to the schools.
This covers tuition and other academic fees in full, easing the financial burden on students and their families.
The remaining 40% will go directly to the beneficiaries as upkeep allowances.
This money is meant to support living expenses, such as accommodation, feeding, and other personal needs while in school.
It’s no surprise that the programme has already attracted a lot of interest.
According to NELFUND’s Managing Director, Akintunde Sawyerr, about 417,000 students have registered on the loan portal, while 328,000 have already submitted applications.
The demand is growing rapidly, with the agency receiving up to 1,000 new applications daily—and at one point, 9,000 applications were submitted in a single day!
Sawyerr noted that many of these applications are being processed, and most of the eligible students are expected to receive their loans soon.
Thank you federal government
My loan is still pending, I am not verify and approved yet