NELFUND Disburses N56.85 billion loans to 298,124 Students in One Year

In a major stride toward widening access to education financing, the Nigerian Education Loan Fund (NELFUND) has disbursed a total of N56.85 billion in student loans to 298,124 students across 198 tertiary institutions, marking a significant milestone in the nationwide rollout of its student loan scheme.

The fund, which began operations following the launch of its loan application portal on May 24, 2024, released a status report covering progress up to May 29, 2025. According to the report, N30.17 billion has been paid directly to institutions for tuition, while N26.67 billion was disbursed to students as upkeep allowances.

A total of 607,326 students have registered on the platform since its launch. Of these, 562,556 have applied for loans, reflecting a 92% application success rate. On Tuesday, May 28 alone, the portal recorded 1,285 new student registrations and 2,265 successful loan submissions, signaling growing adoption among eligible students.

The loan scheme currently covers 198 approved universities, polytechnics, and colleges of education nationwide. It forms a key pillar of the federal government’s strategy to improve access to higher education and reduce the financial burden on students.

However, NELFUND is not stopping at conventional tertiary institutions. The Fund is preparing to expand the scheme to include vocational and skills acquisition centres across Nigeria. This new phase will begin with a pilot programme in Enugu State, expected to roll out between late June and mid-July 2025.

The expansion decision follows a recent strategic engagement between NELFUND officials and the Enugu State Government. According to NELFUND Managing Director, Akintunde Sawyerr, the initiative will target vocational sectors such as fashion design and technical trades, helping to build a skilled workforce aligned with market demands.

Enugu was chosen as the starting point for the rollout due to its readiness and infrastructure, which NELFUND has assessed as among the best in the country.

To further streamline access, NELFUND is also developing a technology integration system that will allow students to apply for loans directly through their institution’s portals. This is expected to improve accessibility, particularly for students in rural and under-resourced areas.

Once fully implemented, vocational learners will be able to secure loans to cover training fees, with disbursements tailored to the proposals submitted by each participating center.

The initiative underscores a broader shift in Nigeria’s education financing landscape—one that recognizes the value of both academic and technical training in driving national development. With hundreds of thousands of students already reached and more to come through vocational channels, NELFUND’s approach is helping to shape a more inclusive, skill-driven education ecosystem.