NELFUND Disburses ₦56.85 Billion in Student Loans to Over 298,000 Beneficiaries

The Nigerian Education Loan Fund (NELFUND) has disbursed ₦56.85 billion in student loans to 298,124 students across 198 higher institutions within one year of launching its loan scheme.

According to a status update from NELFUND, the disbursements were made between May 24, 2024, and May 29, 2025. The figures show that ₦30.17 billion was paid directly to institutions to cover tuition, while ₦26.67 billion went to students as upkeep allowances.

So far, 607,326 students have registered on the NELFUND portal, and 562,556 have submitted loan applications—indicating a 92% application success rate. On May 28 alone, 1,285 new students registered, and 2,265 submitted loan applications.

Loan Beneficiaries Spread Across 198 Institutions

A total of 198 public institutions, including universities, polytechnics, and colleges of education, have received payments through the initiative. The student loan scheme aims to reduce financial barriers for students and promote access to higher education across Nigeria.

Next Phase: Loans for Vocational Skills Training

NELFUND is set to expand the programme beyond conventional institutions. The next phase will include vocational and skills acquisition centres. This move follows a series of consultations and a sensitisation campaign with the Enugu State Government, where the pilot phase of this expansion is expected to begin between late June and mid-July 2025.

Managing Director of NELFUND, Mr. Akintunde Sawyerr, revealed that the expansion will cater to learners pursuing technical skills such as fashion design, welding, and other hands-on professions. Enugu was chosen for the pilot due to its readiness and quality infrastructure.

Improved Accessibility with IT Integration

To further simplify the application process, NELFUND plans to integrate its system directly with school portals. This will allow students to apply for loans through their institution’s platform, improving access—especially for those in remote or underserved areas.

Once the integration is complete, vocational trainees will also be able to apply for financial support based on training fees submitted by their centres.

This development marks a significant step in Nigeria’s broader push to make education—both academic and technical—more accessible and affordable for its young population.