NELFUND Disburses Over N73 Billion in Student Loans to 366,000 Nigerians Since May 2024

Since launching its portal in May 2024, the Nigerian Education Loan Fund (NELFUND) has released more than N73.1 billion in student loans, supporting over 366,000 beneficiaries across the country.

The data, as presented on the NELFUND Student Loan Disbursement Dashboard, showed that as of June 28, 2025, N38.26 billion had been allocated for tuition and institutional fees, while N34.85 billion had been disbursed as upkeep stipends to students. This brings the total value of disbursed loans to N73,113,908,545.00.

So far, 206 tertiary institutions have been included in the program. The platform has also recorded 647,269 student registrations, with 611,018 students successfully submitting loan applications—a 94% completion rate.

Between June 27 and June 28, the portal saw 1,316 new completed registrations and 1,387 fresh applications. Interestingly, the report noted a 105% success rate among new registrants, suggesting a highly efficient loan processing system.

NELFUND is also planning to expand the program to vocational and technical training centres, starting with a pilot initiative in Enugu State. According to Managing Director Akintunde Sawyerr and Executive Director Iyal Mustapha, this phase—rolling out between late June and mid-July—will allow applicants from vocational fields like tailoring and carpentry to apply for loans covering both tuition and starter kits.

While the Independent Corrupt Practices and Other Related Offences Commission (ICPC) initially launched an investigation into a reported N71.2 billion discrepancy—suggesting only N28.8 billion of a N100 billion budget had been disbursed—NELFUND dismissed the claims. It clarified that the figures cited were tied to legacy programs and not the current student loan initiative.

In response, the ICPC also clarified that no verified financial irregularities had been found.

NELFUND has further improved its operations by mandating all tertiary institutions to upload verified student information via its Student Loan Access System (SLAS), a measure aimed at enhancing transparency, reducing fraud, and ensuring accurate disbursement.

This digitisation effort aligns with broader calls from government and lawmakers for increased oversight and accountability in the evolving education finance landscape.