The Nigerian Education Loan Fund (NELFund) has announced that more than 510,000 students have so far benefited from the Federal Government’s Student Loan Initiative, with a total of N99.5 billion disbursed since the scheme’s launch on 24 May 2024.
According to the Student Loan Disbursement Daily Status Report released on 27 September 2025, NELFund has received 835,360 applications since its inception, out of which 510,378 students have successfully accessed the interest-free facility.
The breakdown of disbursements shows that N53.8 billion has been paid directly to 228 approved tertiary institutions to cover institutional fees, while N45.7 billion has gone towards upkeep allowances for beneficiaries.
The report also highlighted recent progress, noting that on 26 September 2025, a total of 1,674 new successful applications were recorded, representing a 0.2% increase in uptake.
The initiative is a key part of the government’s Renewed Hope Agenda, designed to remove financial barriers to higher education and empower young Nigerians with the opportunity to pursue academic and vocational aspirations.
Established under the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024, and signed into law on 3 April 2024, the Fund provides interest-free loans for tuition, institutional charges, and living costs, making higher education more accessible and affordable.
Beyond disbursement, NELFund has also introduced a flexible repayment framework tailored to graduates’ income levels, with grace periods before repayment begins and loan consolidation options to ease financial pressure on beneficiaries.
The Fund said this strategy is designed not only to support students while in school but also to ensure a sustainable repayment model that guarantees continuity of the scheme and strengthens education financing in Nigeria.
