The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦59,878,283,149 in student loans to 298,124 beneficiaries across the country since the launch of its student loan portal on May 24, 2024.
According to a status report released on the Fund’s official X account, a total of 619,731 students have registered on the portal, with 579,325 submitting loan applications, representing a 93% application success rate.
The report shows that the platform continues to record incremental increases, with an additional 659 successful registrants and 818 successful applicants reported in the most recent update.
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The disbursed amount includes ₦30,179,263,149 paid directly to institutions for tuition fees and ₦29,699,020,000 provided as upkeep allowances to support students’ living expenses. A total of 198 tertiary institutions have benefited from the disbursements so far.
NELFUND, launched under the administration of President Bola Tinubu, is a national initiative aimed at eliminating financial barriers to higher education and empowering Nigerian students to pursue academic excellence without economic constraints.
The Fund emphasized that its success has been made possible through ongoing collaboration with institutions, state governments, and student associations. It reaffirmed its commitment to expanding access, streamlining processes, and enhancing the overall student loan experience across Nigeria.
