The Nigerian Education Loan Fund (NELFUND) has disbursed over N86.3 billion in student loans as of August 2025, providing critical financial support to nearly 450,000 students in tertiary institutions across the country.

According to official figures released by NELFUND, the total sum disbursed includes N47.63 billion for institutional fees and N38.72 billion as direct upkeep support to students.

The loans have reached students in 218 approved institutions, marking the most extensive government-backed education loan rollout in Nigeria’s history.

“This is a major milestone in our commitment to democratize access to higher education for all Nigerians,” NELFUND stated in its August update.

Tracking the Growth: From N32 Billion to N86 Billion in 6 Months

The disbursement of student loans has grown rapidly since early 2025:

  • February 2025: N32.8 billion disbursed
  • April 2025: N54.2 billion
  • June 2025: N59.8 billion
  • August 2025: N86.3 billion

The increase is attributed to improved portal access, widened institutional onboarding, and a streamlined verification process in partnership with tertiary institutions.

Where the Money Goes

Component

Amount (₦)

Institutional Fees

₦47.63 billion

Student Upkeep Support

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₦38.72 billion

Total

₦86.347 billion

This dual approach is intended to cover both academic costs and day-to-day expenses like accommodation, feeding, and transportation.

Who’s Benefiting?

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As of August:

  • 449,039 students have received loans
  • 218 tertiary institutions are participating
  • Both federal and state universities, polytechnics, and colleges of education are included

However, data on regional or institutional distribution remains sparse, raising questions about equity across geopolitical zones.

While the initiative has been widely praised for its ambition and speed, some beneficiaries have expressed concern over delays in upkeep payments and communication gaps.

“I received the tuition part, but the upkeep allowance took months to arrive. It’s been stressful,” said a student at a state university in the North Central region.

Although NELFUND acknowledged “teething challenges” in implementation, it disclosed that it is working with the Central Bank and school bursars to improve disbursement timelines.

The portal remains open for new applicants via nelf.gov.ng.

For now, with over N86 billion disbursed in just over a year, NELFUND represents one of the most education finance reforms Nigeria has seen one that could reshape access to higher learning .