NELFUND Disburses ₦86bn to Nearly 450,000 Nigerian Students

Nigeria’s government-backed student loan scheme has seen rapid adoption just over a year after its launch, with nearly half a million undergraduates already receiving support.

Figures from the Nigerian Education Loan Fund show that more than ₦86 billion has been distributed since May 2024. Most of the funds, about ₦47.6 billion, went straight to universities and colleges to cover tuition, while students collected roughly ₦38.7 billion in living allowances.

Interest in the programme remains high. Out of more than 731,000 students who have signed up online, almost all have successfully completed applications. The agency says hundreds more join the system every day.

NELFUND maintains the scheme is a key pillar of the administration’s push to make higher education affordable and keep young Nigerians in school.