The Nigerian Education Loan Fund (NELFUND) has confirmed the distribution of ₦73.1 billion in student loans to 366,247 students across the country, marking a significant milestone since the scheme’s inception in May 2024.
This information was made public via NELFUND’s Student Loan Disbursement Dashboard, which reflects data up to June 28, 2025. According to the statistics, ₦38.26 billion was allocated toward institutional tuition fees, while an additional ₦34.85 billion was paid out as upkeep allowances for students, bringing the total value of disbursed loans to ₦73,113,908,545.00.
Since the digital portal went live on May 24, 2024, a total of 206 tertiary institutions have participated in the student loan program. NELFUND also reported that 647,269 students have registered on the platform, with 611,018 successfully completing their loan applications—translating to an impressive 94% application completion rate.
In terms of daily growth, between June 27 and June 28, the portal recorded an increase of 1,316 new registrants and 1,387 additional successful applications, further solidifying the platform’s reliability and user-friendliness. The data also suggested a 105% conversion rate from registration to successful loan application submissions on that day.
Plans to Expand Beyond Tertiary Institutions
Earlier this year, Nairametrics reported NELFUND’s plans to widen the scope of its loan scheme beyond conventional tertiary education. The next phase will incorporate vocational and skills acquisition centres, with Enugu State being selected as the pilot location.
NELFUND Managing Director Akintunde Sawyerr and Executive Director of Operations Iyal Mustapha confirmed that the pilot initiative would launch between late June and mid-July 2025. Under the revised scheme, applicants enrolled in vocational programmes—such as fashion design—can apply for loans to cover training fees, living stipends, and startup kits. Designated vocational centres across participating states will handle distribution and verification processes.
Addressing Corruption Allegations
Recently, NELFUND came under public scrutiny following reports of an alleged ₦71.2 billion discrepancy. It was alleged that only ₦28.8 billion out of a budgeted ₦100 billion had reached students. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) initiated an investigation into these claims.
In response, NELFUND categorically denied any financial mismanagement. The agency clarified that the reported discrepancies were linked to previous government-run education financing schemes and had no relation to the current student loan programme. The ICPC has since acknowledged that no confirmed case of fund diversion has been established so far.
Strengthening Accountability Through Digital Systems
To reinforce transparency and reduce fraudulent activities, NELFUND recently introduced its Student Loan Access System (SLAS). All participating tertiary institutions are now required to upload students’ information directly onto SLAS before loans can be disbursed.
This shift toward digital accountability aligns with the Nigerian government’s broader push for stronger institutional oversight and enhanced IT infrastructure in public financial programmes.
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