The Nigerian Education Loan Fund (NELFUND) says a total of 449,039 students have so far benefited from its student loan scheme since the launch of its online portal on May 24, 2024.
According to NELFUND’s latest daily status report released and reported by Punch on Monday, August 11, 2025, the scheme has disbursed ₦86.35 billion as of August 6, 2025.
The breakdown shows ₦47.63 billion was paid directly to 218 institutions as tuition fees, while ₦38.72 billion was given to students as upkeep allowances.
The report also revealed that 731,140 students have registered on the loan portal, with 720,732 successfully completing loan applications — representing a 98% success rate.
Data from the scheme’s dashboard indicated a daily increase of 933 new successful registrants and 1,094 new successful applicants.
NELFUND described the initiative as a key component of President Bola Tinubu’s Renewed Hope Agenda, aimed at ensuring that “every Nigerian student has access to higher education funding without financial barriers.”
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