Zara LianneNELFUND Disburses ₦86.3bn in Student Loans to 450,000 Beneficiaries
The Nigerian Education Loan Fund (NELFUND) says it has disbursed ₦86.35 billion to 449,039 students since the scheme launched on May 24, 2024, marking its largest payout to date under the federal student loan programme.
In its latest daily status update, NELFUND said the total includes ₦47.63bn paid directly to 218 institutions as tuition and ₦38.72bn transferred to students as upkeep allowances. The fund added that 731,140 students have registered on the portal, with 720,732 successful applications—about a 98% success rate as of August 6, 2025.
“The scheme delivers on the Renewed Hope Agenda of empowering every Nigerian student through access to higher education funding,” the fund said, noting steady daily increases in both registrants and approvals.
Independent tallies published earlier in July placed cumulative disbursements above ₦73bn to more than 366,000 students, indicating a sharp rise in uptake over the last month as more institutions completed onboarding.
NELFUND’s website describes the initiative as a zero-interest loan scheme aimed at widening access to higher education, with repayments commencing post-graduation under defined conditions.
The rapid expansion comes amid increased scrutiny of the programme’s processes and data integrity. In May, the ICPC opened an investigation into reported discrepancies in disbursements, saying it would track funds to beneficiary institutions and students.
By the numbers (as of Aug. 6):
- Beneficiaries: 449,039 students
- Total disbursed: ₦86.35bn
- Tuition to institutions: ₦47.63bn across 218 schools
- Upkeep to students: ₦38.72bn
- Registered on portal: 731,140
- Successful applications: 720,732 (~98% success rate)
NELFUND says it will continue publishing daily dashboard updates as schools resume and the 2024/25 application cycle advances.
