The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦154.37 billion to 788,947 students across the country since the commencement of the Nigeria Student Loan Scheme in May 2024, as total applications for the programme rose to 1,262,501.
According to the agency’s Daily Status Report released, via its official X social media platform, the data generated as of December 15, 2025, showed sustained growth in student participation under the interest-free loan scheme.
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A breakdown of the disbursement indicated that ₦82.35 billion was paid directly to tertiary institutions as institutional fees, while ₦72.03 billion was released to beneficiaries as upkeep allowances to support their living expenses.
The report further revealed that students from 262 public tertiary institutions across Nigeria had so far benefited from the fund, underscoring the scheme’s growing national reach.
NELFUND recorded an additional 2,423 applications over the previous day, representing a 0.2 per cent increase in new applications received, reflecting continued demand for the student loan programme.
Established to implement the Nigeria Student Loan Scheme signed into law by President Bola Ahmed Tinubu in April 2024, NELFUND provides interest-free loans to students in public universities, polytechnics and colleges of education to cover tuition and essential living costs.
The scheme, which officially began operations in May 2024, is designed to remove financial barriers to higher education and enable students from low-income backgrounds to pursue their academic goals without economic constraints.
Under the programme’s guidelines, beneficiaries are required to begin repayment only after securing employment following the completion of the National Youth Service Corps (NYSC), ensuring minimal financial pressure on graduates.
NELFUND reiterated that the achievements recorded so far were made possible through sustained collaboration with tertiary institutions, state governments and student associations.
The Fund reaffirmed its commitment to expanding access to education, streamlining application and disbursement processes, and enhancing the overall student loan experience as it continues to scale the scheme nationwide.
