The Nigerian Education Loan Fund (NELFUND) has released updated figures showing total disbursements of N54.2 billion to student loan recipients nationwide as of April 29, 2025.
This financial information was published on NELFUND’s official X account through their Student Loan Dashboard on Saturday, May 3, 2025.
The dashboard breakdown reveals that N30.17 billion was allocated for institutional fees, while N24.04 billion was provided directly to students as upkeep allowances.
“Actual Disbursement as of 29th April 2025
“Institutional Fees Paid: N30,179,797,649.20
“Upkeep Allowance Paid: N24,036,160,000
“Total Loan Disbursed: N54,215,957,649.20,” a portion of the Student Loan Dashboard read.
Additional statistics from the update highlight that 573,854 individuals have registered on the platform, with 513,938 completing their applications, representing an 89% registration-to-application conversion rate.
The dashboard also indicates a total loan demand of N170.28 billion, comprising N54.34 billion for institutional fees and N115.93 billion for upkeep support.
The platform continues to show growing participation, with 1,185 new registrations and 1,479 new applications recorded in the most recent update. Total loan demand increased by approximately N500 million within a 24-hour period.
Established through legislation signed by President Bola Tinubu on April 3, 2024, NELFUND was created to finance tuition and living expenses for qualifying students attending approved higher education and vocational institutions.
Following allegations of improper loan handling, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) initiated an investigation after media reports claimed that 51 institutions had made unauthorized deductions from student loan funds.
Although the Federal Government had reportedly allocated N100 billion to the program, the ICPC noted that only N28.8 billion had been distributed, creating questions about a potential N71.2 billion discrepancy.
NELFUND denied any impropriety, stating that the figures in question were associated with previous programs. The organization explained that their current system transfers fees directly to verified institutions and deposits allowances into authenticated student accounts, with digital tracking for all transactions.
Subsequently, the ICPC announced that its investigation found no evidence of fraudulent activity in NELFUND’s operations.
The Federal Ministry of Education has also launched a separate examination into the matter and has scheduled a meeting with Vice Chancellors and NELFUND officials for May 6, 2025.
As part of its response, the Ministry has announced plans to implement several transparency measures, including a compliance-tracking system, a public countdown website, an annual transparency index, and specialized training for university financial and technology administrators.
