NELFUND Disburses ₦86.3 Billion in Student Loans to Nearly Half a Million Nigerian Students

The Nigerian Education Loan Fund (NELFUND) has achieved a significant milestone in its mission to expand access to higher education funding by disbursing ₦86.3 billion in student loans to 449,039 beneficiaries as of August 6, 2025. This development underscores the federal government’s commitment to undercutting financial barriers to tertiary education.Tribune OnlineOkay.ng

Disbursement data from the NELFUND dashboard indicates that ₦47.63 billion was paid directly to 218 accredited institutions to cover tuition and other institutional fees, while ₦38.72 billion was given to students as upkeep allowances to support their daily expenses and living costs.Tribune OnlineEduTimes Africa

Since its launch on May 24, 2024, the portal has registered 731,140 student applicants, of which 720,732 successfully submitted their loan applications, an impressive 98% success rate so far. NELFUND continues to see strong momentum, with daily increases averaging 933 new registrations and 1,094 additional loan applications.Tribune OnlineEduTimes Africa

This initiative is a cornerstone of President Bola Tinubu’s Renewed Hope Agenda, designed to empower Nigerian youth through access to education. As a fully interest-free program, repayment begins two years after completing the NYSC programme, ensuring that students face no undue financial pressure as they transition into employment.Tribune OnlineEduTimes Africa

NELFUND’s Managing Director, Akintunde Sawyerr, recently affirmed the fund’s rapid growth and highlighted rigorous verification processes to prevent fraud. He stressed that the scheme’s mission is “robust, fully auditable, and accountable.”Pulse Nigeria Amid concerns raised by the ICPC and legislative investigators over transparency, Sawyerr assured the public that due diligence is maintained and that any discrepancies are escalated and thoroughly addressed by institutions before approval.Pulse Nigeria

Impact and Outlook

For many students, NELFUND’s dual funding model, balancing tuition support with upkeep allowances, has been transformative. It ensures that both institutional needs and personal financial burdens are addressed, thereby reducing dropout risks and enabling academic focus.EduTimes Africa Moreover, the trust placed in NELFUND’s transparent framework helps mitigate public skepticism and reinforces policy credibility.

Looking forward, there’s growing interest in expanding the scheme’s reach to postgraduate and vocational training programmes, areas that hold immense potential for building a more skilled workforce. Continued monitoring, wider inclusivity, and institutional accountability will be critical to sustaining NELFUND’s success.Golden NewsEduTimes Africa