The Nigerian Education Loan Fund (NELFUND) has announced the successful disbursement of ₦86.3 billion in student loans to 449,039 beneficiaries since the commencement of the scheme on May 24, 2024. This was revealed in the latest daily status report released on Monday.
As of August 6, 2025, the fund has provided ₦47.6 billion directly to 218 tertiary institutions to cover tuition fees, while ₦38.7 billion has been distributed to students as upkeep allowances.
The student loan program is a flagship initiative under President Bola Tinubu’s Renewed Hope Agenda, aimed at expanding access to higher education for all Nigerian students through interest-free loans.
According to data from NELFUND, 731,140 students have registered on the loan portal so far. Out of these, 720,732 have successfully submitted loan applications, reflecting a 98% success rate. The platform also records an average daily increase of 933 new successful registrations and 1,094 additional completed applications.
NELFUND’s scheme is designed to ease financial barriers to tertiary education. The loans are offered without interest, and repayment is scheduled to commence two years after the completion of the National Youth Service Corps (NYSC) program.
