NELFUND Disburses N140bn in Student Loans to 788,000 Beneficiaries

The Nigerian Education Loan Fund (NELFUND) has disbursed N140.9 billion in student loans since the launch of its application portal on May 24, 2024.

A Daily Status Report released on Sunday via the fund’s official X handle shows that NELFUND has so far received 1,193,228 applications, with 788,947 students benefiting from the scheme.

As of November 12, 2025, the report recorded 35,773 new successful applications within the week and 3,367 on that day alone, marking a 0.3% increase from the previous day.

According to the report, NELFUND has paid a total of N140,884,471,740 to 262 institutions—covering N88,947,000 in institutional fees and N53,776,000,000 in upkeep allowances.

The fund recently announced plans to expand its loan scheme to include vocational and skills acquisition programmes. Managing Director Akintunde Sawyerr explained in an interview with the News Agency of Nigeria that the initiative aligns with the Federal Government’s broader agenda for education and skills development.

Sawyerr said the expansion reflects President Bola Tinubu’s commitment to inclusive human capital development across both academic and technical fields. He noted that Nigeria’s next development phase requires strengthening vocational training alongside traditional university education.

“At NELFUND, we have a mandate to also support vocational skills,” he said. “We have not started yet, but the administration has ensured full coverage around the skills development agenda.”