NELFUND Disburses N355.87 Billion in Student Loans

The Nigerian Education Loan Fund (NELFUND) has reported the disbursement of N355.87 billion in student loans since the launch of its student loan portal in May 2024. As of September 3, 2026, NELFUND has processed a total of 1,659,853 applications.

This initiative is part of the Federal Government's strategy to provide financial support for tuition and living expenses, thereby reducing barriers to higher education. NELFUND has also announced plans to implement a digital token-based system for tuition payments, replacing direct payments to institutions to enhance student control and minimize double payments.

The broader Federal Government effort includes over N1 trillion invested in tertiary education over two years, focusing on infrastructure improvements and expanding institutional capacity. This investment comprises N250 billion for new hostels, more than N150 billion for rehabilitating academic facilities, and over N130 billion for medical school rehabilitation.