The Nigerian Education Loan Fund (NELFUND) has disbursed over ₦73.1 billion in student loans to 366,247 Nigerian students across 206 tertiary institutions since the scheme was launched on May 24, 2024.

Naijaonpoint Media reports that this update was revealed in NELFUND’s latest Student Loan Disbursement Dashboard, which includes loan activity data up to June 28, 2025.

Breakdown of NELFUND Loan Disbursement

As of June 28, 2025:

₦38.26 billion has been disbursed for institutional fees
₦34.85 billion was allocated as upkeep allowance
Total disbursement stands at ₦73,113,908,545.00

These funds have reached thousands of students enrolled in universities, polytechnics, and colleges of education across the nation.

Student Participation and Portal Performance

Since the portal opened:

647,269 students have registered
611,018 students have completed their loan applications
This represents a 94% application completion rate
Between June 27 and June 28, new registrants grew by 1,316, while successful applicants rose by 1,387

The report also showed a 105% daily success rate for applicants relative to new registrants, indicating a highly efficient and responsive application process.

Expansion Plans: Vocational Training Loans Coming Soon

In a bid to expand access beyond traditional tertiary education, NELFUND is preparing to extend its loan scheme to vocational and skills acquisition centres across Nigeria.

According to NELFUND Managing Director Akintunde Sawyerr and Executive Director of Operations Iyal Mustapha, a pilot scheme is expected to roll out in Enugu State between late June and mid-July 2025.

Trainees in fields such as fashion design, welding, and electronics repair will be eligible to apply for loans that cover:

Applications will be handled through a digital portal with designated centres selected by the states.

ICPC Investigation & Clarification

Earlier reports alleged possible discrepancies in education funding, suggesting that only ₦28.8 billion of a ₦100 billion education allocation had reached students.

However, NELFUND has firmly denied any wrongdoing, stating that:

The ₦71.2 billion discrepancy being probed by the Independent Corrupt Practices Commission (ICPC) concerns previous education finance programmes, not the current NELFUND scheme.
All disbursements under the new student loan scheme are fully accounted for and traceable.
The Fund has pledged full cooperation with all oversight and anti-corruption agencies.

The ICPC has since clarified that no confirmed fund diversion or mismanagement has been discovered to date.

Student Loan Access System (SLAS)

As part of its effort to boost transparency, NELFUND has implemented the Student Loan Access System (SLAS), a centralized platform requiring all tertiary institutions to:

This digital integration is designed to:

What This Means for Nigerian Students

With over ₦73 billion already disbursed and more to come, including funding for vocational training, the NELFUND student loan initiative is rapidly evolving into one of Nigeria’s most impactful education finance programmes.

Students are encouraged to: