The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of ₦86.3 billion in loans to 449,039 students since the scheme’s launch on May 24, 2024, according to the latest daily status report released on Monday.
The disbursement, news correspondent gathered, was made as of August 6, 2025.
NELFUND noted that the scheme delivers on President Bola Tinubu’s Renewed Hope Agenda of empowering every Nigerian student through access to student loans.
The disbursement includes ₦47,629,338,384 paid directly to 218 institutions as tuition fees and ₦38,718,120,000 given to students as upkeep allowances.
A total of 731,140 students have registered on the loan portal, with 720,732 successfully applying for loans, representing a 98% application success rate.
The dashboard shows a daily increase of 933 successful registrants and 1,094 additional successful applicants.
NELFUND’s initiative aims to enhance access to higher education by providing financial support to students who face challenges in funding their education.
The loan is interest-free, and repayment begins two years after completing the National Youth Service Corps (NYSC) programme.