NELFUND Disburses N56.9bn To Nearly 300,000 Students In 1 year

The Nigerian Education Loan Fund (NELFUND) said it has disbursed a total sum of N56. N851,937 billion to cover tuition fees and provide upkeep allowances for 298,124 students in 198 tertiary institutions across Nigeria since the fund’s launch on 24 May 2024.

The latest data from the NELFUND showed that N30.179 billion had been disbursed as institutional fees paid to students. In contrast, N26.627 billion was disbursed as upkeep allowance to the beneficiaries.

According to NELFUND’s Director, Strategic Communications, Mrs. Oseyemi Oluwatuyi, 602,417 students have registered for the loan scheme on the NELFUND portal so far, out of which 554,719 applications have been successfully processed, representing 92 per cent of successful applications.

While presenting NELFUND’s scorecard to mark one year of launching the student loan scheme, she revealed that the student empowerment initiative has continued to scale rapidly. Between Saturday, May 24, and Sunday, May 25, 2025, there were 1,221 successful new registrants, up from 1,771 successful applicants, representing a 145 per cent increase in daily successful applications.

“This achievement demonstrates the power of purposeful policy backed by strong execution.

NELFUND’s student loan programme has brought relief to families, restored hope to students, and created a pathway for academic and professional success across Nigeria,” Oluwatuyi said.

She furthered that the milestone reflects a “bold commitment by the administration of President Bola Tinubu to empower Nigerian students by removing financial barriers to higher education. In just twelve months, NELFUND has transformed access to education financing with over 600,000 students registered; over 550,000 successful loan applications, and ₦56.85 billion disbursed to cover tuition fees and provide upkeep allowances.

On the first anniversary, Managing Director and Chief Executive of NELFUND, Mr. Akintunde Sawyerr, said, “One year ago, we launched a promise to Nigerian students. Today, we are proud to be delivering on that promise. NELFUND is more than a loan scheme; it is a bridge to opportunity, equity, and national transformation.

“Backed by the vision of President Bola Ahmed Tinubu’s Renewed Hope Agenda, the NELFUND initiative has quickly become one of the most impactful student-focused interventions in Nigeria’s recent history. Through continuous collaboration with institutions, state governments, and student bodies, the Fund remains committed to deepening its reach and improving the student loan experience.”

On his part, Executive Director, Operations, NELFUND, Mr. Mustapha Iyal, expressed optimism that a more promising and brighter future for Nigerian students from NELFUND, a significant game-changer for improved access to more young people, is assured.

“As NELFUND looks to the future, it remains steadfast in its mission to ensure that no Nigerian student is denied tertiary education because of financial constraints.”