On 26th June 2025, the Nigerian Education Loan Fund (NELFUND) released its latest Student Loan Disbursement Status Report, showcasing a major milestone in the federal government’s commitment to increasing access to higher education through financial support.
With over ₦59.8 billion disbursed and 298,124 student beneficiaries reached in just over a month, the NELFUND initiative is taking meaningful strides in addressing one of Nigeria’s most persistent educational challenges: the prohibitive cost of tertiary education. This article offers an in-depth look at the recently released report, the context behind the student loan scheme, and its broader implications for Nigeria’s youth and educational development.
A Look at the Key Figures
According to the report dated 26th June 2025, the numbers are nothing short of significant:
642,876 students have registered on the student loan portal.
605,895 applicants have successfully applied for loans, representing a 94% application success rate.
An additional 1,900 students registered and 2,100 applications were submitted in the last 24 hours alone.
Total loan disbursed as of 5th June 2025: ₦59,878,283,149.00.
Institutional fees paid: ₦30,179,263,149.00
Upkeep allowances paid: ₦29,699,020,000.00
198 tertiary institutions have benefited directly.
A total of 298,124 students have already received disbursements.
This progress has been achieved in just over a month since the NELFUND student loan portal officially launched on 24th May 2024.
What the Numbers Really Mean
The numbers, while impressive, also reflect deeper truths:
High Demand Reflects Urgency: That over 600,000 students have applied in such a short time indicates a severe financial strain on Nigeria’s student population. It validates the need for a sustainable student loan system, especially amid rising inflation and economic instability.
Widespread Institutional Coverage: With 198 institutions already integrated into the scheme, the programme is not limited to federal universities alone. This inclusivity strengthens its impact across public tertiary institutions—universities, polytechnics, and colleges of education.
Balance Between Tuition and Welfare: That nearly equal amounts have been disbursed for institutional fees (₦30.17bn) and upkeep allowance (₦29.69bn) reflects a well-considered policy. Students not only need help paying tuition, but also basic living support to truly succeed academically.
Digital Infrastructure Is Working: The registration and application system appears to be functioning efficiently, with a 94% success rate and 110% daily growth in new registrants applying. In a country where digital bureaucracy often fails, this signals a positive shift.
The NELFUND Student Loan Disbursement Report is not just a data sheet, it’s a snapshot of transformation in motion. For decades, education in Nigeria has been riddled with inequality, interrupted learning, and dreams deferred due to financial limitations. This programme has the potential to reverse that narrative.
