The Nigerian Education Loan Fund (NELFUND) has announced significant progress in its student loan scheme, with over ₦73 billion disbursed to Nigerian students and institutions since the launch of its loan application portal on May 24, 2024.
According to the latest Daily Status Report released on July 16, 2025, a total of 673,844 students has registered on the platform, with 643,520—representing 95% of registrants—successfully applying for loans. Out of this figure, 366,247 students have already benefitted from the loan programme.
The report, signed by the Managing Director and CEO of NELFUND, Mr. Akintunde Sawyerr, highlights that ₦73,113,908,545.00 has been disbursed so far. This includes ₦38.26 billion paid directly to tertiary institutions for tuition and ₦34.85 billion disbursed as upkeep allowances to students.
The update reflects an increase of 1,378 new registrants and 1,227 new applicants from the previous day, underlining the growing uptake and confidence in the scheme.
“This report presents a summary of significant milestones achieved since the launch of the new student loan portal. It details disbursements made to institutions for tuition fees and direct upkeep allowances to students—delivering on one of the key promises of the President’s Renewed Hope Agenda of empowering every Nigerian student,” Mr. Sawyerr stated.
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