The Nigerian Education Loan Fund (NELFUND) has made a massive impact in just over two months, disbursing a total of ₦86.3 billion in student loans to 449,039 beneficiaries across the country.

Since the launch of its online loan portal on May 24, 2024, the initiative has been helping Nigerian students access higher education without the financial burden that keeps many out of school.

According to NELFUND’s latest daily report, released on Monday, August 11, 2025, the total disbursement includes:

₦47.6 billion paid directly to 218 institutions as tuition fees.

₦38.7 billion sent directly to students as upkeep allowances for living expenses.

The numbers continue to grow steadily. So far, 731,140 students have registered on the portal, and 720,732 have successfully applied for loans, a remarkable 98% success rate. On average, each day sees 933 new successful registrants and 1,094 more successful applicants.

NELFUND says the scheme is a direct fulfillment of President Bola Tinubu’s Renewed Hope Agenda, aimed at giving every Nigerian student equal access to education, regardless of financial background.

With the program’s rapid growth, more students now have a chance to pursue their academic dreams without the weight of financial stress, a change that could shape the nation’s future for years to come.