The Nigerian Education Loan Fund (NELFUND) says it has disbursed a total of ₦56.85 billion in student loans since the launch of its loan portal on May 24, 2024. The amount covers both tuition fees and upkeep allowances for students across the country.
This was revealed in a status report published by the agency on June 2, 2025. According to the report, ₦30.18 billion was paid directly to institutions to cover tuition fees, while ₦26.67 billion was disbursed to students as upkeep allowances.
As of the latest
update, 611,493 students have registered on the loan portal, with 569,042
successfully applying for loans—representing a 93% application success rate.
The report also shows a daily increase of 985 successful registrants and 1,244
successful applicants.
The report further
revealed that one hundred and ninety-eight (198) institutions across the
country have received financial support under the student loan scheme.
Breakdown of Disbursement
- ₦30.18 billion was paid directly to
institutions to cover tuition fees.
- ₦26.67 billion was disbursed to students
as upkeep or living allowances.
NELFUND
emphasized that the funds were allocated based on verified student applications
and institutional confirmations.
The report
shows impressive engagement since the portal launch:
- 611,493 students registered
- 569,042 students successfully applied —
representing a 93% application success rate
- Daily growth averages:
- 985 new registrations
- 1,244 successful
applications
So far, 198
institutions across the country have received financial support under the
scheme.
NELFUND
noted that the increase in applications and sustained disbursement levels
signal rising public trust in the programme. The fund believes this is a strong
indicator of its effectiveness in expanding access to quality higher education
for Nigerian students, especially those from low-income backgrounds.
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