NELFUND Disburses ₦73 Billion in Student Loans to 366,000 Nigerians Since May 2024—See Full Breakdown!
Since the launch of its portal in May 2024, the Nigerian Education Loan Fund (NELFUND) has distributed over N73.1 billion in student loans, benefiting more than 366,000 individuals across Nigeria.
The information displayed on the NELFUND Student Loan Disbursement Dashboard reveals that by June 28, 2025, N38.26 billion had been allocated for tuition and institutional fees, while N34.85 billion was given as upkeep stipends to students. This results in a total loan disbursement value of N73,113,908,545.00.
To date, 206 higher education institutions have been integrated into the program. The platform has also seen 647,269 student registrations, with 611,018 students having completed loan applications—a completion rate of 94%.
During the period from June 27 to June 28, the portal registered 1,316 new completed registrations and received 1,387 new loan applications. Notably, the report highlighted a 105% success rate among new registrants, indicating an effective loan processing system.
NELFUND intends to broaden the program to include vocational and technical training centers, beginning with a pilot initiative in Enugu State. According to Managing Director Akintunde Sawyerr and Executive Director Iyal Mustapha, this phase—set to launch between late June and mid-July—will allow applicants from vocational areas such as tailoring and carpentry to seek loans that cover both tuition and starter kits.
Although the Independent Corrupt Practices and Other Related Offences Commission (ICPC) originally initiated an investigation into a reported N71.2 billion discrepancy—indicating only N28.8 billion of a N100 billion budget had been disbursed—NELFUND rejected these allegations. The organization clarified that the figures referenced were associated with previous programs and not the ongoing student loan scheme.
In response, the ICPC also confirmed that no verified financial irregularities had been detected.
NELFUND has further enhanced its operations by requiring all tertiary institutions to submit verified student information through its Student Loan Access System (SLAS), a strategy designed to promote transparency, mitigate fraud, and ensure precise disbursement.
This digitization initiative aligns with wider recommendations from government officials and lawmakers for increased supervision and accountability in the changing landscape of education finance.
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