NELFUND Disburses ₦86.3bn Student Loans to 450,000 Beneficiaries
The Nigerian Education Loan Fund (NELFUND) has revealed that a total of 449,039 students has benefited from its student loan scheme since the loan portal launched on May 24, 2024. According to the latest report released on Monday, August 11, 2025, the scheme has so far disbursed ₦86,347,458,384 as of August 6, 2025.
Breakdown of the Disbursement
The fund reports that:
₦47.63 billion was paid directly to 218 institutions as tuition fees.
₦38.72 billion was given to students as upkeep allowances to support living expenses.
The report also shows that 731,140 students have registered on the loan portal, with 720,732 successfully applying — a 98% success rate. Every day, an average of 933 new students register and 1,094 apply successfully.
How to Benefit from the Student Loan Scheme
To access the NELFUND student loan:
Register Online: Visit the official NELFUND loan portal and create an account with your personal and school details.
Prepare Required Documents: These may include your admission letter, school ID card, tuition fee schedule, and guarantor information (if required).
Apply for the Loan: Fill in the application form on the portal, specifying the amount for tuition and upkeep.
Await Approval: Once your application is approved, tuition fees are paid directly to your school, while upkeep allowances are sent to your account.
“The scheme delivers on President Bola Tinubu’s Renewed Hope Agenda of empowering every Nigerian student through access to higher education funding,” NELFUND stated.
Why This Matters
With rising tuition fees and living costs, this scheme ensures that no Nigerian student is denied higher education due to financial challenges. By covering both tuition and living expenses, it provides a pathway for students to focus on their studies without financial stress.
The NELFUND student loan scheme is a game changer for Nigeria’s education sector. Students who have not yet applied are encouraged to take advantage of the opportunity to fund their education and secure a brighter future.
