By Abiola Olawale
The Nigerian Education Loan Fund (NELFUND) has revealed that it has disbursed a total of N45.1 billion in student loans across Nigeria within 11 months of its inception.
This was disclosed in the latest Student Loan Dashboard Update as of March 26, 2025, shared by NELFUND on its official X page.
According to the latest Student Loan Dashboard Update released by NELFUND, over 525,936 students have registered on the loan platform since its launch in May 2024, with 445,015 successfully applying for financial assistance.
This represents an impressive 84% success rate.
Also, of the N147.9 billion approved for disbursement, N45.1 billion has already been distributed, including N29.86 billion allocated for institutional fees and N15.23 billion as upkeep allowances for students nationwide.
This is part of the initiative signed into law by President Bola Tinubu under the Student Loan Act of 2024. The president had said that the loans aim to provide sustainable financial support for tuition, fees, and living expenses at approved tertiary and vocational institutions.
NELFUND also reported a sharp increase in the number of successful applicants, with a 192% rise in new registrants who succeeded in their applications compared to the previous day, March 25.
The data revealed that an additional 1,313 students registered, while 2,523 new applicants completed their loan applications.
