Over 510,000 Nigerian Students Benefit as NELFUND Disburses ₦99.5bn in Loans
Naijaonpoint Media reports that the Nigerian Education Loan Fund (NELFUND) has announced significant progress in its student loan scheme, with over 510,000 students benefiting from disbursements totaling ₦99.55 billion as of September 24, 2025.
According to the latest dashboard update, the scheme has received 829,423 applications since its launch on May 24, 2024. Out of these, 2,038 applications were successfully processed and approved in the most recent round, representing a 0.2 percent increase in new submissions compared to the previous day.
Breakdown of Disbursements
Figures released by NELFUND show that:
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₦53.8 billion has been paid directly to 228 institutions to cover tuition fees.
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₦45.75 billion has been disbursed as upkeep allowances to students.
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The combined value of loans released so far stands at ₦99.55 billion.
Supporting Access to Education
NELFUND emphasized that the initiative is part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes education access and youth empowerment. By covering both tuition fees and upkeep allowances, the loan scheme is designed to reduce financial barriers for students pursuing higher education across the country.
The programme has been described as a lifeline for many students who would otherwise struggle to afford tuition and living expenses, while also helping to strengthen Nigeria’s human capital development.