The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦86.3 billion to students and institutions across the country since the launch of its student loan scheme on May 24, 2024.

According to the Daily Status Report generated on August 26, 2025, a total of 764,044 students have registered on the portal, with 762,676 applications received. Out of these, 449,039 students have so far benefited from the loan scheme.

The report shows that ₦47.6 billion has been paid directly to 218 institutions to cover tuition and related fees, while ₦38.7 billion was disbursed as upkeep allowances to students.

In the last reporting cycle, NELFUND recorded 2,015 new successful registrants and 2,652 new successful applicants, reflecting continued uptake of the scheme.

The fund, established under President Bola Ahmed Tinubu’s Renewed Hope Agenda, aims to ease financial barriers to higher education by providing timely support for tuition fees and living expenses.

With disbursements surpassing ₦86 billion, the scheme is fast becoming a cornerstone of educational financing in Nigeria, offering relief to students and parents while supporting institutions nationwide.