NELFUND Disburses N45.1 Billion in Student Loans Within 10 Months

The Nigerian Education Loan Fund (NELFUND) has disbursed N45.1 billion in student loans since its launch in May 2024, according to its latest Student Loan Dashboard Update released on March 26, 2025.

Key Statistics

• 525,936 students have registered on the platform.
• 445,015 applicants (84%) successfully secured financial aid.
• N147.9 billion approved, with N45.1 billion already disbursed.
• N29.86 billion allocated for tuition fees.
• N15.23 billion disbursed as upkeep allowances.

Rising Demand and Rapid Disbursement

The report highlights a 192% surge in successful applications compared to the previous day, with 2,523 new applicants approved on March 26 alone. Within 24 hours, N871.3 million was released, demonstrating the scheme’s efficiency in processing loans.

Eligibility and Future Plans

NELFUND Managing Director Akintunde Sawyerr clarified that the scheme currently supports only first-degree students, though postgraduate inclusion is under consideration. He emphasized that applications are merit-based, ensuring fairness for all candidates.

Accessibility and Repayment Terms

• Students with disabilities: NELFUND is collaborating with the National Commission for Persons with Disabilities (NCPWD) to introduce specialized software for visually impaired applicants.
• Repayment: Begins two years after NYSC, deducting 10% of salary only upon employment.
• Death clause: Loans will not be transferred to families; debts are canceled if a beneficiary passes away.
• Travel freedom: Beneficiaries can work abroad post-graduation without restrictions.

Government Commitment

The disbursement marks a milestone in the federal government’s pledge to ease financial burdens for students. Sawyerr reaffirmed NELFUND’s dedication to expanding access while maintaining transparency.

Prospective applicants are encouraged to visit NELFUND’s official portal for updates on eligibility and future expansions.