NELFUND Records Over ₦156 Billion in Student Loan Applications as Over 500,000 Students Register
The Nigerian Education Loan Fund (NELFUND) has announced significant progress in its mission to expand access to higher education, revealing that over ₦156 billion in student loan applications have been recorded since the portal launch on May 24, 2024.
In its Dashboard Report released on Thursday on it official X handle revealed that ₦543,768 students have successfully registered on the loan platform, with ₦470,829 completing their loan applications representing an 86% application success rate.
The total requested loan amount stands at N156 billion, consisting of ₦50 billion for Institutional Tuition and ₦105 billion for Upkeep Allowances.
As of April 4, 2025, actual disbursements have reached ₦49.33 billion, broken down as follows; ₦29,863,433,649.40 in Institutional Fees
and ₦19,467,240,000 in Upkeep Allowances
Daily data also shows growing momentum, with 1,252 new successful registrants and 2,061 successful applicants recorded on April 10 alone. An additional ₦649,062,434 was added to the overall loan request amount within a single day.
NELFUND’s mission is to ensure that no Nigerian student is denied higher education due to financial constraints. This milestone reflects not only increasing student awareness but also the trust being placed in this transformational initiative for President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The Fund remains committed to transparency, efficiency, and inclusiveness as it continues disbursing loans across tertiary institutions nationwide.
The Nigerian Education Loan Fund is a government-backed initiative designed to provide financial support to Nigerian students pursuing tertiary education. Through a robust digital portal, NELFUND facilitates access to tuition and upkeep loans for eligible students, ensuring education is within reach for all.
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