By Oyinkansayo Wole-Bodunde
The Nigerian Education Loan Fund (NELFUND) has made significant progress in processing loan applications for the 2024/2025 academic session.
As of March 21, 2025, NELFUND has successfully processed 437,523 out of 520,905 applications, representing about 83% of total applications received.
The total loan disbursed stands at approximately N42.2 billion, with an institutional fee of N98 billion and an upkeep allowance of N14.3 billion. Notably, there was a 164% increase in successful registrations from the previous day, with 943 new registrants and 1,532 successful applicants.
This initiative is part of President Bola Tinubu’s administration’s efforts to break financial barriers in higher education. The Student Loan Initiative aims to provide interest-free loans to eligible students, empowering them to pursue their academic goals without financial challenges.
The program has seen significant growth, with NELFUND expanding its reach to include state-owned institutions. As of now, students from 70 state-owned tertiary institutions can apply for the loan.
