The Nigerian Education Loan Fund (NELFUND) has disclosed that a total of N54.2 billion had been disbursed to student loan beneficiaries across the country as of April 29, 2025.
This information was obtained from the Student Loan Dashboard shared by NELFUND via its official X account on Saturday, May 3, 2025.
According to the dashboard, the disbursed sum includes N30.17 billion paid as institutional fees and N24.04 billion released as upkeep allowances to applicants.
“Actual Disbursement as of 29th April 2025
“Institutional Fees Paid: N30,179,797,649.20
“Upkeep Allowance Paid: N24,036,160,000
“Total Loan Disbursed: N54,215,957,649.20,” a portion of the Student Loan Dashboard read.
The update further revealed that 573,854 individuals had successfully registered on the student loan platform, with 513,938 completing the application process, representing an 89% conversion rate from registration to application.
The total loan demand, covering both tuition and upkeep components, stood at N170.28 billion. Of this amount, N54.34 billion was earmarked for institutional fees, while N115.93 billion was projected for upkeep support.
NELFUND also reported a steady day-on-day increase in uptake, with 1,185 new successful registrants and 1,479 new applicants recorded in the latest update. The total loan demand rose by over N500 million within 24 hours.
What you should know
The Nigeria Education Loan Fund (NELFUND) was signed into law by President Bola Tinubu on April 3, 2024, to support tuition and living expenses for eligible students at approved tertiary and vocational institutions.
Following reports of irregularities in loan disbursements, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) launched an investigation after a media outlet alleged that 51 institutions made unlawful deductions from student loans.
- While the Federal Government reportedly released N100 billion for the scheme, the ICPC stated that only N28.8 billion had been disbursed, raising concerns over a N71.2 billion shortfall.
- NELFUND denied any wrongdoing, explaining that the figures cited referred to pre-existing schemes. It clarified that under the current system, fees are paid directly to verified institutions and allowances to authenticated student accounts, with all transactions digitally tracked.
- The ICPC later confirmed it had found no evidence of fraud in NELFUND’s operations.
Meanwhile, the Federal Ministry of Education has launched a separate probe and will meet with Vice Chancellors and NELFUND officials on May 6, 2025.
The Ministry also plans to enhance transparency through a new compliance-tracking initiative, a public countdown site, an annual transparency index, and training for university bursars and ICT heads.
