The Nigerian Education Loan Fund (NELFUND) has distributed ₦86.3 billion (approximately $207 million*) to 449,039 students since launching its financial aid portal in May 2024, according to official data released this week. The initiative, part of President Bola Tinubu’s flagship Renewed Hope Agenda, aims to expand access to higher education by covering tuition and living costs for eligible applicants.
A status report published on August 11, 2025, detailed that ₦47.6 billion was allocated directly to 218 Nigerian universities and colleges to cover tuition fees, while ₦38.7 billion supported student living expenses. Over 731,000 candidates have registered on the portal since its inception, with 720,732 — or 98% of applicants — approved for funding as of August 6, 2025. Authorities highlighted the program’s near-universal approval rate as evidence of its streamlined eligibility criteria and robust outreach.
“This scheme directly advances President Tinubu’s vision of democratizing educational opportunities,” a NELFUND spokesperson stated, emphasizing the fund’s role in reducing financial barriers for students nationwide. Current data shows a steady uptick in engagement, with approximately 933 new registrants and 1,094 successful applications processed daily.
The initiative arrives amid broader efforts to address Nigeria’s tertiary education challenges, including high dropout rates linked to economic constraints. By channeling funds to institutions and students simultaneously, the program seeks to alleviate institutional debt burdens while ensuring learners can focus on academic pursuits. Analysts note the dual-disbursement model could stabilize university finances and reduce exploitation risks, as tuition funds bypass individual accounts.
While the scheme’s scale marks a significant step, observers call for sustained transparency in fund allocation and long-term viability assessments. With over 449,000 beneficiaries in its first 14 months, the program’s impact on graduation rates and workforce readiness remains a focal point for policymakers. NELFUND has pledged regular updates on disbursements and applicant demographics, with future phases expected to extend support to vocational training programs.
*Currency conversion based on August 2025 exchange rates.
