ABUJA, Nigeria (VOICE OF NAIJA)-The Nigerian Education Loan Fund (NELFUND) has reported remarkable progress in its student loan programme, revealing that over N116.4 billion has been disbursed to beneficiaries since the portal launch on May 24, 2024.
According to the Daily Status Report shared on Tuesday, October 28, 2025, via its official X handle, NELFUND disclosed that it has received 929,805 applications, out of which 624,535 students have already benefited from the initiative.
The report also noted that 12,398 new successful applications were recorded, marking a 1.4% increase compared to the previous day.
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As of October 9, 2025, NELFUND confirmed the payment of N65.3 billion to 239 institutions for tuition fees and an additional N51.1 billion as upkeep allowances for students bringing the total disbursement to N116.4 billion.
The agency further encouraged new applicants to apply using their Admission Number or JAMB Registration Number in place of a matriculation number.
NELFUND was created to implement the Nigeria Student Loan Scheme, which was signed into law by President Bola Tinubu in April 2024.
The Tinubu-led administration’s initiative offers interest-free loans to students in public tertiary institutions, covering both tuition and living expenses.
Launched in May 2024, the scheme aims to remove financial barriers to higher education and support students from low-income families.
Beneficiaries are expected to repay the loans after completing their studies and securing employment.