Over 624,000 students benefit as NELFUND expands education loan coverage

The Nigerian Education Loan Fund (NELFUND) has reported major progress in its ongoing student loan initiative, disbursing over ₦116.4 billion to beneficiaries since the official launch of its online portal on 24 May 2024.

In its Daily Status Report shared on Tuesday, 28 October 2025, via its official X (formerly Twitter) handle, the agency revealed that it had received a total of 929,805 loan applications. Out of these, 624,535 students have already benefited from the scheme.

According to the report, 12,398 new successful applications were recorded, marking a 1.4 per cent increase compared to the previous day’s figures.

As of 9 October 2025, NELFUND stated that ₦65.3 billion had been remitted directly to 239 tertiary institutions across the country to cover tuition fees. A further ₦51.1 billion was paid out as living allowances to students, bringing total disbursements to ₦116.4 billion.

NELFUND encouraged new students to apply using their Admission Number or JAMB Registration Number if a matriculation number has not yet been issued.

Established under the Nigeria Student Loan Act signed by President Bola Tinubu in April 2024, the fund is tasked with administering the government’s interest-free loan programme for students enrolled in public tertiary institutions.

The initiative aims to reduce financial barriers to higher education, particularly for students from low-income households, by covering both tuition and living expenses. Loan repayment is expected to begin once beneficiaries complete their studies and gain employment.