THE Nigerian Education Loan Fund (NELFUND) has announced significant progress in the Federal Government’s landmark Student Loan Initiative, revealing that over 510,000 students have accessed interest-free loans worth ₦99.5 billion since the programme’s launch on May 24, 2024.
According to NELFUND’s Student Loan Disbursement Daily Status Report released on September 27, 2025 obtained by News Point Nigeria, the Fund has so far received 835,360 applications, with 510,378 students successfully benefitting from the scheme.
The report detailed that ₦53.8 billion has been disbursed directly to 228 approved tertiary institutions to cover tuition and institutional charges, while ₦45.7 billion has been allocated as upkeep allowances to beneficiaries to ease the burden of living costs.
On September 26, 2025 alone, the Fund recorded 1,674 fresh approvals, representing a 0.2 per cent growth in uptake, a sign of the scheme’s rising adoption rate among students across the country.
The initiative is a central pillar of President Bola Tinubu’s Renewed Hope Agenda, which seeks to remove financial barriers to higher education and empower young Nigerians to pursue their academic and vocational aspirations without fear of being priced out.
Established under the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024, and signed into law on April 3, 2024, the Fund provides zero-interest loans covering tuition, mandatory fees, and living allowances.
Beyond disbursements, NELFUND has rolled out a graduate-friendly repayment model tailored to income levels, including grace periods, loan consolidation, and phased repayment schedules.
The Fund noted that this approach was designed to ease pressure on graduates, promote compliance, and ensure long-term sustainability of the programme.
A spokesperson for NELFUND emphasised that the strategy was not just about access to education but also about building a sustainable system of education financing that will guarantee continuity for future generations.
Stakeholders argue that the scheme could prove transformative if managed transparently and adequately funded in the long run.
With more than half a million beneficiaries within just 16 months, the programme is already being described as one of the boldest social investment policies in Nigeria’s recent history.
