The Nigerian Education Loan Fund (NELFUND) has disclosed that it has disbursed a total of N54.2 billion to student loan beneficiaries across Nigeria as of April 29, 2025, according to data from its official Student Loan Dashboard shared via its X (formerly Twitter) account on Saturday, May 3.
The disbursement includes N30.17 billion paid directly to educational institutions as tuition fees and N24.04 billion sent to students as upkeep allowances.
The dashboard also revealed significant engagement on the student loan platform, with 573,854 individuals successfully registering, and 513,938 completing their applications—a conversion rate of approximately 89%.
The total loan demand, combining both tuition and living support, stands at N170.28 billion, broken down into N54.34 billion for institutional fees and N115.93 billion for upkeep allowances. In just 24 hours leading up to the update, 1,185 new registrants and 1,479 new applicants joined the platform, raising the total loan demand by over N500 million.
Background and Oversight
NELFUND was established following the signing of the Students Loan Act by President Bola Tinubu on April 3, 2024, to support students in tertiary and vocational institutions with tuition and living expenses.
Despite its rapid uptake, the scheme has faced scrutiny over alleged irregularities. An investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) was launched after media reports accused 51 institutions of making unauthorized deductions from disbursed student loans.
While the federal government reportedly allocated N100 billion for the initiative, the ICPC initially claimed only N28.8 billion had been disbursed, sparking concerns about a N71.2 billion shortfall. NELFUND denied any mismanagement, clarifying that the discrepancies involved figures from earlier schemes. It emphasized that under the current system, all funds are digitally tracked, with tuition sent to verified institutions and upkeep allowances deposited into authenticated student accounts.
The ICPC has since confirmed that no evidence of fraud was found in NELFUND’s operations.
Government Response and Future Plans
To enhance transparency and accountability, the Federal Ministry of Education has announced a series of reforms. These include the introduction of a compliance-tracking initiative, an annual transparency index, a public countdown website, and specialized training for university bursars and ICT heads.
A high-level meeting involving Vice Chancellors and NELFUND officials has been scheduled for May 6, 2025, as the ministry intensifies efforts to improve operational clarity and institutional compliance across board.
As NELFUND continues to expand access to education finance, authorities are keen to ensure that trust in the scheme remains intact while the needs of Nigeria’s student population are effectively met.
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