NELFUND: Student Loan Disbursement Hits ₦54.2 Billion as of April 29
As of April 29, 2025, N54.2 billion had been distributed to student loan recipients nationwide, according to the Nigerian Education Loan Fund (NELFUND).
On Saturday, May 3, 2025, NELFUND posted the Student Loan Dashboard through its official X account, which provided this information.
The dashboard indicates that N24.04 billion was made available to applicants as maintenance allowances, while N30.17 billion was paid as institutional fees.
“Real Payment as of April 29, 2025”
The amount paid for the institution was N30,179,797,649.20.
Maintenance Allowance Disbursed: N24,036,160,000
A section of the Student Loan Dashboard stated, “Total Loan Disbursed: N54,215,957,649.20.”
An 89% conversion rate from registration to application was demonstrated by the update, which also showed that 573,854 people had successfully registered on the student loan site and 513,938 had finished the application procedure.
N170.28 billion was the entire loan demand, which included both tuition and maintenance components. Of this sum, N115.93 billion was anticipated for upkeep support, while N54.34 billion was set aside for institutional fees.
With 1,185 new successful registrations and 1,479 new applicants documented in the most recent update, NELFUND also reported a consistent daily growth in uptake. In a single day, the overall loan demand increased by more than N500 million.
Things you should be aware of
President Bola Tinubu signed the Nigeria Education Loan Fund (NELFUND) into law on April 3, 2024, to help eligible students at authorized postsecondary and vocational schools with their living expenses and tuition.
When a media outlet claimed that 51 institutions had unlawfully deducted money from student loans, the Independent Corrupt Practices and Other Related Offenses Commission (ICPC) opened an inquiry in response to accusations of anomalies in loan disbursements.
- The ICPC revealed that just N28.8 billion had been disbursed, despite the federal government releasing N100 billion for the scheme. This raised worries about a N71.2 billion shortage.
- The cited figures were based on pre-existing systems, according to NELFUND, which denied any misconduct. It explained that under the existing system, all transactions are digitally logged and fees are paid directly to verified institutions and allowances to verified student accounts.
- Later, the ICPC affirmed that it had not discovered any proof of fraud in the activities of NELFUND.
A separate investigation has been started by the Federal Ministry of Education, which is scheduled to meet with NELFUND representatives and vice chancellors on May 6, 2025.
Through training for university bursars and ICT heads, a public countdown website, an annual transparency index, and a new compliance-tracking project, the ministry also intends to increase transparency.
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