EDUCATION

NELFUND disburses ₦86.3bn student loans to 450,000 beneficiaries

The Nigerian Education Loan Fund has announced that a total of 449,039 students have so far benefited from its student loan scheme since its portal launched on May 24, 2024.

According to the latest daily status report released on Monday, August 11, 2025, the scheme has disbursed a total of ₦86,347,458,384 as of August 6, 2025.

It said 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.

The report further revealed that 731,140 students have registered on the loan portal, out of which 720,732 have successfully applied for loans — representing a 98% application success rate.

Data from the dashboard shows a daily increase of 933 in the number of successful registrants and an additional 1,094 successful applicants.

NELFUND noted that “the scheme delivers on President Bola Tinubu’s Renewed Hope Agenda of empowering every Nigerian student through access to higher education funding.”

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Comrade OLOLADE A.k.a Mr Money of 9jaPolyTv is A passionate Reporter that provides complete, accurate and compelling coverage of both anticipated and spontaneous News across all Nigerian polytechnics and universities campuses. Mr Money of 9jaPolyTv Started his career as a blogger and campus reporter in 2016.He loves to feed people with relevant Info. He is a polytechnic graduate (HND BIOCHEMISTRY). Mr Money is a relationship expert, life coach and polytechnic education consultant. Apart from blogging, He love watching movies and meeting with new people to share ideas with. Add 9jaPolyTv on WhatsApp +2347040957598 to enjoy more of his Updates and Articles.