The Nigerian Education Loan Fund (NELFUND) has revealed 449,039 students as beneficiaries from its student loan scheme. The fund’s report reveals that the loan scheme has disbursed over 86 billion as of August 6, 2025.
Over 47 billion is reportedly paid directly to 218 institutions as tuition fees and upkeep allowances estimated at over 38 million for students. On loan patrol, the study accounts for 731,140 students who have registered successfully.
The data also shows a daily increase of 933 successful registrants and an additional 1,094 successful applicants. Launched on May 24, 2024, the scheme prioritises empowering every Nigerian student through access to higher education funding.
This robust uptake reflects growing confidence in the scheme’s ability to support students nationwide in their educational pursuits. Before this, the fund managing director, Akintunde Sawyer, revealed that the loans, namely institutional and student loans, are interest-free.
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According to him, beneficiaries of the loan get their tertiary fees paid and an additional sum of 20,000 for upkeep loan applicants. He added that the new law enactment, which allows for non-governmental organization support, has aided the scheme’s growth.
The initiative aims to create a vibrant platform where campus leaders can interact indirectly with policymakers and stakeholders. Additionally, allocation of funds was approved for 15 schools for the establishment of innovation hubs and entrepreneurship centres.
According to the agency, students’ status who are verified for the loan will be disbursed once their fees payments are processed.
