 has recorded significant milestones in its student loan disbursement scheme, with over ₦73 billion){kind=link}
NELFUND Disburses Over ₦73 Billion in Student Loans as Beneficiaries Hit 366,000
The Nigeria Education Loan Fund (NELFUND) has recorded significant milestones in its student loan disbursement scheme, with over ₦73 billion disbursed to Nigerian students since the launch of its loan portal on May 24, 2024.
According to the latest update released by the Managing Director/CEO of NELFUND, Akinlunde Sawyer, a total of 366,247 students have so far benefited from the initiative, one of the key components of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
As of July 16, 2025, the platform has registered 673,844 students, out of which 643,520 successfully applied for the loan, representing a 95% application success rate.
The report also shows a remarkable 112% increase in new registrants who completed their applications successfully, with 1,227 new registrants and 1,378 new applicants recorded in just one day.
In terms of disbursement, ₦38.26 billion has been paid directly to 206 institutions across the country for tuition fees, while ₦34.85 billion has been paid to students as upkeep allowances, bringing the total disbursement to ₦73.11 billion.
The report highlights the federal government’s sustained commitment to ensuring access to education and financial support for students across all geopolitical zones, reinforcing its goal to make higher education more accessible and equitable.