NELFUND Student Loan Applications Soar Past ONE MILLION Mark, Over ₦116 Billion Disbursed

The Nigerian Education Loan Fund (NELFUND) today announced a historic achievement, confirming that applications on its student loan portal have officially surpassed the one million mark. This milestone comes just over a year after the portal’s official launch in May 2024, signaling massive national uptake of the government-backed financial support scheme.

In a statement released on Sunday, November 2, 2025, NELFUND’s Director of Strategic Communications confirmed that a total of 1,004,276 applications have been received to date. The Fund also revealed that the total cumulative disbursement under the scheme has reached an impressive figure of over ₦116.4 billion.

“This achievement is more than just a number; it represents renewed hope for a generation of Nigerians determined to rise above financial barriers to education,” stated Mr. Akintunde Sawyerr, the Managing Director and Chief Executive Officer of NELFUND. He described the moment as a “defining moment in Nigeria’s journey toward equitable education financing.”

Over 624,000 Students Now Benefitting

The official data shows that out of the total applications, 624,535 students across 239 tertiary institutions including universities, polytechnics, and colleges of education have already benefited from the zero-interest loan scheme.

The disbursed funds have been strategically allocated: over ₦65.3 billion has been paid directly to institutions to cover student fees, while the remaining ₦51.1 billion has been disbursed as upkeep allowances directly to the students’ accounts.

NELFUND attributes the scheme’s rapid success to the visionary leadership of the current administration and the public’s restored faith in government-led social empowerment programs, reinforcing its goal of making higher education genuinely accessible to all Nigerians, irrespective of their socio-economic background. The agency reaffirmed its commitment to maintaining transparency and efficiency as it continues to expand the reach and impact of the loan initiative.