Nigeria’s Student Loan Revolution: Over ₦116 Billion Disbursed as NELFUND Transforms Access to Higher Education

In just over a year since its launch, the Nigerian Education Loan Fund (NELFUND) is already making waves across the country’s education sector, and the numbers speak for themselves. Since the student loan portal went live on May 24, 2024, over ₦116.4 billion has been disbursed to Nigerian students, marking a historic leap in the government’s drive to make higher education truly accessible to all.

According to NELFUND’s Daily Status Report released on Tuesday, October 28, 2025, the agency has received a staggering 929,805 applications, with 624,535 students already benefiting from the interest-free loan scheme. That’s nearly two-thirds of all applicants, a figure that highlights the growing trust and reach of the programme.

Even more encouraging, 12,398 new successful applications were processed in the last 24 hours alone, reflecting a 1.4% increase from the previous day. Clearly, students are seizing the opportunity with both hands.

Breaking down the disbursements, NELFUND reported that as of October 9, 2025, ₦65.3 billion had been paid directly to 239 institutions across Nigeria as tuition fees. An additional ₦51.1 billion was distributed to students as upkeep allowances, bringing the total payout to a massive ₦116.4 billion. For a scheme that is barely two years old, this is an unprecedented milestone, and perhaps one of the most significant interventions in Nigeria’s education financing history.

Opportunity Still Open for New Applicants

In its latest update, NELFUND reminded students that the application window remains open from Thursday, October 23, 2025, to Saturday, January 31, 2026. Fresh students can apply easily using their Admission Number or JAMB Registration Number in place of a matriculation number. This open-door policy ensures that no eligible student is left behind. Whether you’re just gaining admission into a federal or state university, a polytechnic, or a college of education, the chance to fund your studies without financial stress is now a reality.

What sets NELFUND apart is its interest-free structure. Established to implement the Nigeria Student Loan Scheme, signed into law by President Bola Tinubu in April 2024, the fund is designed to support students from low-income families who might otherwise struggle to afford tertiary education. The initiative covers not only tuition fees but also living expenses, helping students focus on their studies without the constant anxiety of financial burden. For many families across Nigeria, this is more than a loan, it’s a lifeline.

Under NELFUND’s guidelines, beneficiaries are required to start repaying their loans after completing their studies and securing employment. The repayment structure is designed to be flexible and considerate, ensuring that graduates can contribute back to the fund sustainably without being overwhelmed by debt. This “earn-then-pay” model mirrors systems successfully used in countries like the United Kingdom and Australia, making it a progressive approach for Nigeria’s education sector.

Changing the Story of Access to Education

For decades, financial hardship has been a major barrier for countless Nigerian youths seeking higher education. But NELFUND’s student loan scheme is rewriting that story, one student at a time. By removing the economic roadblocks to tertiary education, the programme is not just financing degrees; it’s investing in human capital, fueling innovation, and building a stronger future workforce.

Already, universities and colleges are reporting improved enrollment numbers, especially among students from rural and low-income backgrounds. The scheme is also expected to boost national productivity in the long term, as more young Nigerians gain access to quality education and career opportunities.

NELFUND’s early success is a testament to what can happen when policy meets purpose. In a country where education often determines economic mobility, the fund’s efficient rollout is a major step toward bridging Nigeria’s inequality gap. Of course, challenges remain, from verifying beneficiaries and ensuring transparent disbursements to tracking repayments. But if current momentum is anything to go by, NELFUND is proving that with the right vision and accountability, government-backed social investment programs can indeed deliver real impact.

As the application window remains open, the message from NELFUND is clear: No Nigerian student should be denied education because of financial constraints. With over ₦116 billion already in the hands of students, this initiative could very well be the spark that transforms Nigeria’s educational landscape for generations to come.

So, if you’re a student, or you know someone who is, now is the time to take advantage of this groundbreaking opportunity. Education just got a little more affordable, and the future a lot more hopeful.