The Nigerian Education Loan Fund (NELFUND), under the leadership of the Managing Director, Mr Akintunde Sawyer, has announced the disbursement of ₦73,113,908,545.00 in student loans and upkeep allowance to 366,247 Nigerian students since its launch on May 24, 2024.
This data was revealed in NELFUND’s Student Loan Disbursement Daily Status Report of Tuesday, July 8, 2025, posted on its social media pages, capturing disbursement up to June 28, 2025.
The status report revealed that as of June 28, 2025, NELFUND had disbursed ₦38,262,648,545.00 in institutional fees, with 206 institutions in Nigeria as beneficiaries. Meanwhile, NELFUND had paid ₦34,851,260,000.00 in upkeep allowance, bringing the total loan amount to ₦73,113,908,545.00.
According to the report, a total of 660,669 students have successfully registered on the portal, while 628,203 students have successfully applied for loans, bringing the percentage of successful loan applications to 95%, of which only 366,247 students have benefitted from the Federal Government loan scheme.
The report stated that from Monday, July 7, 2025, the number of successful registrants increased by 1,697, while successful applicants increased by 1,990, noting that 117% new registrants successfully submitted loan applications.
Meanwhile, the Nigerian Education Loan Fund announced the expansion of its loan programme to some vocational skills centres across the country, starting with about 10 States. The information was disclosed by the Executive Director of Operations at NELFUND, Iyal Mustapha, during a sensitisation campaign in Enugu in May 2025.
Mustapha said the Fund aims to support vocational training through loans, helping individuals access technical education at various skill centres, including fashion design and other trades. According to him, the loan will cover training costs, provide upkeep support, and supply tools after training.
He noted that the exact amount for upkeep is still being finalised, and institutional charges related to transport will be part of the loan.
Recall that the Student Loan Initiative is an interest-free loan scheme established by the Federal Government of Nigeria, under the leadership of President Bola Ahmed Tinubu, to facilitate financial access to higher education, collaborate with stakeholders for impact, enable equal opportunity for all Nigerian students, and promote education for national development.