Student Loan: NELFUND Celebrates Key Milestones With N56.85bn Loan Disbursements

In a bold commitment by the administration of President Bola Tinubu to empower Nigerian students by removing financial barriers to higher education, the Nigerian Education Loan Fund (NELFUND) has disbursed a total sum of N56,851,937,649.20 (N56.85bn) to cover tuition fees and provide upkeep allowances for 298,124 students in 198 tertiary institutions across Nigeria since the launch on 24th May, 2024 till date.

The breakdown of the figure shows that disbursements as of 23rd May, 2025 stood at N30,179,797,649.20 (N30.18bn) as institutional fees paid to students by NELFUND, while the sum total of N26,627,140,000 (N26.63bn) was disbursed as upkeep allowance to the beneficiaries.

The Director, Strategic Communications at NELFUND, Mrs. Oseyemi Oluwatuyi, said so far, 602,417 students have registered for the loan scheme on NELFUND portal out of which 554,719 applications have been successfully processed, representing 92 per cent of successful applications.

While presenting the NELFUND’s scorecard in a statement issued in Abuja, to mark one year of launching the student loan scheme, she revealed that the student empowerment initiative has continued to scale rapidly, adding that just between Saturday and Sunday (24th – 25th May, 2025) there were 1,221 successful new registrants up from 1,771 successful applicants; representing a 145 per cent increase in daily successful applications.

“This achievement demonstrates the power of purposeful policy backed by strong execution. NELFUND’s student loan programme has brought relief to families, restored hope to students, and created a pathway for academic and professional success across Nigeria,” Oluwatuyi enthused.

She added: “This milestone reflects a bold commitment by the administration of President Bola Tinubu to empower Nigerian students by removing financial barriers to higher education,’’ noting, “In just twelve months, NELFUND has transformed access to education financing with over 600,000 students registered; over 550,000 successful loan applications, and ₦56.85 billion disbursed to cover tuition fees and provide upkeep allowances.’’

Speaking on the one year anniversary, Managing Director/Chief Executive of NELFUND, Mr. Akintunde Sawyerr said: “One year ago, we launched a promise to Nigerian students. Today, we’re proud to be delivering on that promise. NELFUND is more than a loan scheme; it’s a bridge to opportunity, equity, and national transformation.’’

“Backed by the vision of President Bola Ahmed Tinubu’s Renewed Hope Agenda, the NELFUND initiative has quickly become one of the most impactful students-focused interventions in Nigeria’s recent history,’’ Sawyerr further stated, adding, “Through continuous collaboration with institutions, state governments, and student bodies, the Fund remains committed to deepening its reach and improving the student loan experience.’’

In the same vein, the Executive Director, of Operations, NELFUND, Mr. Mustapha Iyal expressed optimism that a more promising and brighter future for Nigerian students from NELFUND being a significant game-changer for improved access to more young people is assured.

“As NELFUND looks to the future, it remains steadfast in its mission to ensure that no Nigerian student is denied tertiary education because of financial constraints.”