Education

NELFUND Disburses ₦20bn in Student Loans – A New Era for Higher Education in Nigeria

NELFUND Disburses ₦20bn in Student Loans – A New Era for Higher Education in Nigeria

The Nigerian Education Loan Fund (NELFUND) has disbursed over ₦20 billion in student loans, marking a transformative step in Nigeria’s education sector. This initiative has already benefited 192,906 students across tertiary institutions, covering tuition fees and providing financial stipends for living expenses.

This milestone highlights the Nigerian government’s commitment to making higher education more accessible, ensuring that financial constraints do not hinder students from achieving their academic goals.

Breaking Down the NELFUND Disbursement

As of February 3, 2025, NELFUND has processed a total of 364,042 student loan applications. The breakdown of disbursements includes:

₦20,074,050,000 allocated for institutional fees.
192,906 students benefiting from tuition support.
₦12,818,960,000 provided in stipends to 169,114 students for living expenses.

Each recipient of the stipend receives ₦20,000 monthly, ensuring financial stability while pursuing their studies.

How NELFUND is Transforming Higher Education

The student loan scheme, a flagship initiative of President Bola Tinubu’s administration, was established under the Access to Higher Education Act. The law, which was reenacted earlier this year, mandates NELFUND to manage all aspects of loan applications, disbursements, and recovery.

This initiative is set to:

✔️ Expand access to tertiary education for low-income Nigerians.
✔️ Reduce dropout rates caused by financial difficulties.
✔️ Improve the quality of education by ensuring students focus on academics without financial stress.

What’s Next for NELFUND and Nigerian Students?

With continued government support, NELFUND aims to:

➡️ Expand funding to cover more students in the coming months.
➡️ Ensure transparency in the loan application and disbursement process.
➡️ Improve accessibility by simplifying the application process for students in rural areas.

The Fund is sustained through multiple revenue streams, ensuring long-term financial stability and continued support for students in future academic sessions.

Final Thoughts

With over ₦20 billion already disbursed, NELFUND is reshaping the future of higher education in Nigeria. This initiative not only removes financial barriers but also ensures that students can focus on their studies without financial stress.

Are you a student looking to apply for a NELFUND loan? Stay updated with the latest information and follow official guidelines to secure your funding.

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