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.”