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The Nigerian Education Loan Fund (NELFUND) has released a significant update on its student loan scheme, which was launched on May 24, 2024. As of August 6, 2025, a total of 449,039 students have benefited from the scheme, with a total disbursement of ₦86,347,458,384.
For further information on education, read more details here
The fund was disbursed in two main categories: ₦47,629,338,384 was paid directly to 218 institutions as tuition fees, while ₦38,718,120,000 was given to students as upkeep allowances. This initiative has made a substantial impact on the lives of many students, providing them with access to higher education funding and empowering them to achieve their academic goals
The report highlights that 731,140 students have registered on the loan portal, and out of these, 720,732 have successfully applied for loans, representing a 98% application success rate. NELFUND’s dashboard also shows a daily increase of 933 successful registrants and 1,094 successful applicants.
For further information on education, read more details here
According to NELFUND, “The scheme delivers on President Bola Tinubu’s Renewed Hope Agenda of empowering every Nigerian student through access to higher education funding.” This initiative is a testament to the government’s commitment to improving access to education and promoting the welfare of Nigerian students.
The success of the student loan scheme is a significant step towards achieving the goals of the Renewed Hope Agenda, and NELFUND’s efforts are expected to continue making a positive impact on the lives of many students in Nigeria.
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