The Nigerian Education Loan Fund (NELFUND) has announced that over ₦73.1 billion in student loans has been disbursed to more than 366,000 Nigerian students since the scheme launched in May 2024.
According to the NELFUND Student Loan Disbursement Dashboard updated to June 28, 2025; a total of ₦38.26 billion was allocated for institutional fees, while an additional ₦34.85 billion was disbursed as upkeep allowance, bringing the total amount released to ₦73,113,908,545.00.
Massive Uptake and Institutional Reach
In just over a year, 366,247 students across 206 tertiary institutions have benefited from the initiative. This signals a growing trust in the Fund’s promise to ease access to higher education through affordable and timely loans.
As of the latest data:
- 647,269 students have registered on the NELFUND portal
- 611,018 students have successfully applied, representing a 94% application success rate
- In just one day (June 27–28), new successful applicants rose by 1,387, while new registrations grew by 1,316
Interestingly, the dashboard revealed that 105% of new registrants successfully submitted applications; a figure suggesting duplicate or overlapping submissions were effectively resolved and processed, demonstrating the efficiency of the portal.
Expansion to Vocational and Skills Centres Underway
NELFUND has also revealed plans to expand loan coverage beyond universities and polytechnics. Starting from Enugu State as the pilot location, the Fund will begin servicing students in vocational training centres, such as those learning fashion design, carpentry, and similar trades.
According to Managing Director Akintunde Sawyerr and Executive Director of Operations Iyal Mustapha, this vocational phase is scheduled to roll out between late June and mid-July 2025, with provisions for tuition, monthly stipends, and starter kits.
Clarifying Misinformation and Upholding Transparency
In response to claims reported in May of ₦71.2 billion in discrepancies and the suggestion that only ₦28.8 billion of the ₦100 billion earmarked had reached students, NELFUND issued a strong rebuttal.
The Fund clarified that:
- No money has been misappropriated under the current loan scheme
- The alleged figures referenced outdated programmes predating NELFUND’s 2024 launch
- The agency is fully transparent and cooperating with ICPC oversight
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) later affirmed that no verified mismanagement or diversion had been discovered thus far.
Digital Systems for Accountability
To strengthen accountability, NELFUND recently mandated the use of its Student Loan Access System (SLAS) for all participating tertiary institutions. Schools must now upload student data directly to the platform to enable swift and accurate loan disbursements.
The system also supports better fraud detection and compliance, aligning with growing calls from stakeholders for digital governance and parliamentary oversight in public education finance.
As the programme scales, NELFUND’s digital-first approach and expansion into non-traditional education pathways may help redefine access to education and skill development in Nigeria.
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