The Nigerian Education Loan Fund says it has provided financial support to 449,039 students across the country since launching its student loan portal on May 24, 2024.
In its latest status update released on Monday, August 11, 2025, the agency reported that a total of ₦86,347,458,384 had been disbursed as of August 6, 2025.
The breakdown shows that ₦47.63 billion was paid directly to 218 higher institutions to cover tuition fees, while ₦38.72 billion was released as upkeep allowances to students.
According to the data, 731,140 students have registered on the platform, with 720,732 successfully completing loan applications — reflecting a 98% success rate.
The daily report also indicated an average increase of 933 successful registrants and 1,094 new approved applicants each day.
NELFUND described the scheme as a key pillar of the Federal Government’s education reform agenda.
“This programme is a practical demonstration of President Bola Tinubu’s Renewed Hope Agenda, aimed at removing financial barriers to higher education for all Nigerian students,” the agency stated.
A senior NELFUND official, who spoke to our correspondent, said: “We are seeing overwhelming interest from students nationwide. The figures show not just demand, but also the trust young Nigerians are placing in this initiative.”
He added that the fund would “continue to streamline its processes to ensure more students access the loans quickly and without unnecessary bureaucracy.”
