FG comes forward with NELFUND loan beneficiaries
NELFUND logo
The Nigerian Education Loan Fund (NELFUND) has made significant strides in supporting Nigerian students’ access to higher education by disbursing over ₦86 billion in student loans since the launch of its loan portal in May 2024.
According to the latest report released on August 11, 2025, a total of 449,039 students across the country have benefited from the scheme, which is designed to ease the financial burden of tuition fees and living expenses for university and college students.
Of the total disbursed funds, ₦47.6 billion has been paid directly to 218 tertiary institutions to cover tuition fees, ensuring that students’ academic needs are met without delay.
Meanwhile, ₦38.7 billion has been allocated as upkeep allowances, helping students manage day-to-day living costs such as accommodation, food, transportation, and learning materials.
Since the portal opened on May 24, 2024, there has been remarkable uptake, with 731,140 students registering on the platform to access the loan scheme. Out of these, 720,732 applicants have been successfully approved, reflecting a high approval rate of 98%.
This indicates that nearly all applicants who meet the eligibility criteria have been able to secure funding through the scheme.
The data also shows a steady daily increase in participation, with an average of 933 new students registering and 1,094 applications being approved every day, highlighting growing awareness and trust in the program.
NELFUND’s initiative is part of the broader Renewed Hope Agenda championed by President Bola Tinubu, aimed at empowering Nigerian youth by providing affordable access to education finance.
The scheme not only supports students financially but also aims to improve educational outcomes by reducing dropout rates caused by financial difficulties.
The Nigerian Education Loan Fund continues to work closely with educational institutions and stakeholders to ensure the smooth disbursement and management of loans, as well as to expand access to students nationwide.
With education being a cornerstone for national development, NELFUND’s efforts are crucial in building a skilled and knowledgeable workforce capable of driving Nigeria’s future economic growth and innovation.
