NELFUND Records ₦86.3bn to 450,000 Students Since Scheme Launch

By: Aremu Toyeebaht

The Nigerian Education Loan Fund (NELFUND) has revealed that 449,039 students have so far benefited from its student loan scheme since the launch of its online portal on May 24, 2024.

According to the latest daily status report released on Monday, August 11, 2025, the scheme had disbursed a total of ₦86,347,458,384 as of August 6, 2025. The breakdown shows that ₦47,629,338,384 was paid directly to 218 institutions as tuition fees, while ₦38,718,120,000 was provided to students as upkeep allowances.

The report also indicated that 731,140 students have registered on the loan portal, with 720,732 successfully applying for loans — representing an impressive 98% application success rate.

Data from NELFUND’s dashboard shows a daily increase of 933 in the number of successful registrants and 1,094 additional successful applicants each day.

In a statement, the agency emphasised its commitment to ensuring that no eligible Nigerian student is denied access to higher education due to financial constraints, noting that “the scheme delivers on President Bola Tinubu’s Renewed Hope Agenda of empowering every Nigerian student through access to higher education funding.”