Victoria Mgbanwa
In a major push for youth empowerment and educational access, the Nigerian Education Loan Fund (NELFUND) has disbursed N73.1 billion in student loans to 366,247 students across 206 tertiary institutions, just over a year after the launch of its landmark loan programme in May 2024.
The disbursement, which includes N38.26 billion for institutional fees and N34.85 billion for living stipends, reflects a bold effort to reduce the financial barriers faced by Nigerian students and promote inclusive development through higher education.
Data from NELFUND’s Student Loan Disbursement Dashboard, updated to June 28, 2025, reveals strong traction in the programme’s adoption. Over 647,000 students have registered on the portal, and a remarkable 94% of them 611,018 students have successfully completed their applications. Within just two days, between June 27 and 28, the platform recorded 1,316 new sign-ups and 1,387 completed applications, signaling a surge in interest and confidence in the loan scheme.
This growing uptake highlights the efficiency of the digital application process and the programme’s alignment with student needs.
But NELFUND isn’t stopping at universities and polytechnics. In a groundbreaking expansion plan, the Fund is set to include vocational and technical training centres in its loan coverage. The pilot phase will launch in Enugu State between late June and mid-July, targeting sectors like fashion design. Trainees will soon be able to access funding not only for tuition and living expenses but also for starter kits giving them the tools to launch their careers immediately after training.
The move reflects a growing national recognition of the importance of skills acquisition as a pathway to employment and self-reliance, especially for youth outside the traditional academic pipeline.
Despite past public concerns over transparency, NELFUND has reaffirmed its commitment to accountability. Earlier allegations involving N71.2 billion in unaccounted funds were tied to legacy schemes, not the current loan initiative. The Independent Corrupt Practices Commission (ICPC) later confirmed no financial discrepancies have been found.
To tighten oversight, NELFUND now requires all tertiary institutions to upload student data via the Student Loan Access System (SLAS) a digital platform designed to streamline disbursement and curb fraud.
