Over 298,000 Nigerian Students Get Financial Relief as NELFUND Disburses ₦56.85bn
In just one year, the Nigerian Education Loan Fund (NELFUND) has disbursed ₦56.85 billion in student loans, giving over 298,000 Nigerian students access to higher education without the burden of immediate financial constraints.
The loans covered both tuition fees and upkeep allowances for students across 198 tertiary institutions nationwide. This development marks a major milestone for a programme that only launched in May 2024, under the administration of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
In a statement released to journalists on Tuesday, NELFUND revealed that:
₦30.18 billion was disbursed as institutional fees, paid directly to schools.
₦26.63 billion went to students as upkeep allowances — to cover daily living expenses during the school year.
The fund, created to remove financial barriers to higher education, is already being described as one of the most impactful student financing programmes in Nigeria’s recent history.
Reflecting on the programme’s first anniversary, Akintunde Sawyerr, Managing Director of NELFUND, said the fund was more than a loan — it was about unlocking opportunity and changing lives.
“One year ago, we launched a promise to Nigerian students. Today, we’re proud to be delivering on that promise,” he said.
“NELFUND is more than a loan scheme; it’s a bridge to opportunity, equity, and national transformation.”
Sawyerr noted that strong partnerships with institutions, state governments, and student bodies have helped the fund expand its reach quickly and efficiently.
Application Numbers Show Rapid Growth
According to Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND:
602,417 students have registered on the NELFUND portal so far.
Out of these, 554,719 applications have been successfully processed — a 92% approval rate.
She also shared a surge in activity during the fund’s anniversary weekend. Between May 24 and 25, 2025, 1,221 new applicants were successfully registered, up from 1,771 the day before — a 145% increase in daily applications.
Removing Barriers to Education
For many Nigerian families, university fees and upkeep costs are a constant struggle. With the launch of NELFUND, students who once had no hope of completing their education are now getting direct financial support to stay in school.
“This initiative has brought real relief to households and helped thousands of young people focus on their education and career goals,” Oluwatuyi said.
She described NELFUND as a prime example of what effective policy and execution can achieve, especially in sectors like education where impact is visible and measurable.
Breakdown
| Metric | Value |
|---|---|
| Total Loan Disbursed | ₦56.85 billion |
| Tuition Fees Paid | ₦30.18 billion |
| Upkeep Allowances | ₦26.63 billion |
| Number of Beneficiaries | 298,124 students |
| Institutions Covered | 198 tertiary institutions |
| Registered on Portal | 602,417 students |
| Successful Applications | 554,719 (92% success rate) |
| Launch Date | May 24, 2024 |
What’s Next for NELFUND?
Both Sawyerr and Oluwatuyi reaffirmed the fund’s commitment to supporting more students, improving the loan experience, and ensuring that no Nigerian is denied access to education because of money.
“We are not slowing down,” Sawyerr said. “As more students register and more institutions come on board, we’ll keep scaling up to meet the demand.”
