The Nigerian Education Loan Fund says it has disbursed ₦242.4 billion to 1.38 million students.
The loan scheme is part of efforts to expand access to higher education funding in Nigeria.
Officials say the initiative targets students in public tertiary institutions.
The programme is designed to reduce financial barriers to education.
The disbursement marks one of the largest student funding initiatives in the country.
Authorities say beneficiaries are selected based on defined eligibility criteria.
The scheme is backed by the Federal Government and aims to improve enrollment rates.
Education stakeholders have welcomed the development. However, concerns remain about repayment structures.
Analysts say long-term sustainability will depend on effective loan recovery systems.
Further details on distribution breakdown and institutional coverage are expected.