By Eric Moji, Abuja
The Nigerian Education Loan Fund (NELFUND) has reported a significant surge in applications, with over 546,000 students successfully applying for loans since the portal launched last year.
According to the latest dashboard update, a total of 596,061 students have registered, representing a 91% conversion rate from registrations to applications. The figures, current as of Wednesday, 21st May 2025, show an increase of 2,208 applicants and 1,681 new registrants from the previous day.
Since the schemeโs inception on 24th May 2024, the government has disbursed a staggering N54.2 billion in loans, with N30.1 billion allocated for institutional fees and N24 billion paid out as upkeep allowances to beneficiaries.
The data also reveals that all new registrants in the latest reporting period successfully proceeded to apply, indicating a streamlined process.
The initiative, backed by the Presidency, aims to ease financial barriers for students pursuing higher education. With the numbers continuing to rise, the programme demonstrates strong uptake, though questions remain about long-term sustainability and repayment structures. For now, the figures reflect growing demand for state-backed education financing in Nigeria.
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