When the Nigerian Education Loan Fund (NELFUND) launched its student loan portal on May 24, 2024, it promised to ease the financial burden on students.
Just weeks later, nearly 300,000 students across Nigeria have already received support, with over ₦59.8 billion disbursed to cover tuition and living expenses.
Since launching its student loan portal on May 24, 2024, the Nigerian Education Loan Fund (NELFUND) has actively disbursed ₦59.8 billion to 298,124 students across the country, directly easing the financial strain of higher education.
Massive Financial Support For Students
According to a recent update on NELFUND’s official X account, 619,731 students have registered on the portal.
Of these, 579,325 successfully submitted loan applications—reflecting an impressive 93% success rate.
In its latest update, NELFUND recorded 659 new successful registrations and approved 818 additional applications.
Breakdown Of Disbursements
So far, the Fund has sent ₦30.18 billion directly to tertiary institutions to cover tuition fees.
Read Also; China’s BYD Targets Entry into Nigeria’s Auto Market
It has also transferred ₦29.7 billion to students as upkeep allowances, helping them manage daily living costs.
Students from 198 tertiary institutions have benefited.
A Vision To Remove Barriers
NELFUND, introduced by President Bola Tinubu’s administration, aims to eliminate financial obstacles and ensure all Nigerian students can pursue academic goals without economic hardship.
Strong Partnerships For Growth
The Fund continues to strengthen its reach and efficiency by collaborating with tertiary institutions, state governments, and student associations.
These partnerships help improve the loan process and student experience.
By offering both tuition support and living allowances, NELFUND actively transforms access to education—empowering young Nigerians to build brighter, more secure futures.
