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Over 366,000 students across 206 tertiary institutions benefited in just over a year
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₦38.26bn disbursed for fees, ₦34.85bn for upkeep allowances
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NELFUND expands to include vocational training as ICPC confirms no fund diversion
The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦73.1 billion in student loans to 366,247 Nigerian students since it began operations in May 2024.
This was revealed in the agency’s latest Student Loan Disbursement Dashboard, covering disbursements up to June 28, 2025.
Out of the total disbursement, ₦38.26 billion was allocated for institutional fees, while ₦34.85 billion went to students as upkeep allowances, bringing the full amount to ₦73,113,908,545.00.
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The report also shows that 206 tertiary institutions have benefited from the loan scheme.
As of the reporting date, 647,269 students have registered on the NELFUND portal, with 611,018 of them completing the loan application process — a 94% application success rate. From June 27 to June 28, new registrations increased by 1,316, and successful applications grew by 1,387, suggesting a highly responsive and efficient loan system.
Beyond universities and polytechnics, NELFUND is expanding its reach. A pilot initiative is being launched in Enugu State to include vocational and skills acquisition centres, enabling trainees in fields like fashion design to apply for loans that will cover training costs, living stipends, and starter tools.
Meanwhile, allegations of fraud within the scheme were recently addressed.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) had earlier begun investigations into claims that only ₦28.8 billion of an approved ₦100 billion reached students.
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However, the commission has clarified that no discrepancies or fund diversion have been confirmed. NELFUND also maintained that the figures under investigation referred to past education financing programmes, not the current student loan initiative.
To further ensure transparency, NELFUND has enforced the use of its Student Loan Access System (SLAS), which requires tertiary institutions to upload verified student data before disbursement.
The agency says this digital system enhances accountability and supports national efforts to strengthen oversight.
