NELFUND Disburses N140bn in Student Loans to 788,000 Beneficiaries

The Nigerian Education Loan Fund has announced that it has released N140.9 billion in student loans to beneficiaries across the country since the official launch of its application portal on May 24, 2024.

In its Daily Status Report published on Sunday, the agency confirmed that it has processed 1,193,228 loan applications, with 788,947 students successfully benefiting from the scheme.

As of November 12, 2025, the report recorded 35,773 new successful applications within the week and 3,367 approvals on that day alone. This represents a 0.3 per cent rise in new submissions compared to the previous day.

According to the update, NELFUND has disbursed N140,884,471,740 to 262 accredited institutions to cover tuition fees, institutional charges, and student upkeep allowances. The breakdown includes N88,947,000 for institutional fees and N53,776,000,000 for living support for eligible students.

The fund recently announced plans to expand the student loan scheme to include vocational training and skills acquisition programmes, widening access to education financing for young Nigerians.

The Managing Director of NELFUND, Akintunde Sawyerr, explained that the extension aligns with the Federal Government’s broader goal of strengthening human capital development. He noted that sustainable national growth requires a balance between academic qualifications and technical competence.

Sawyerr emphasized that the administration is committed to ensuring full coverage for skills-based education, adding that NELFUND is mandated to provide financial support for vocational training alongside traditional tertiary education.

He reiterated that technical and vocational programmes remain essential for driving employment, entrepreneurship, and economic development across the country.