By Erewunmi Peace

The Nigerian Education Loan Fund (NELFUND) has recorded a major breakthrough in its student-loan initiative, announcing that its application portal has surpassed one-million submissions since its inception on 24 May 2024.

In its latest statement, the Fund says it has disbursed over ₦116 billion to students in universities, polytechnics and colleges of education across Nigeria.

Key statistics:

Total applications: 1,004,276 (since launch)

Number of beneficiaries: 624,535 students, drawn from 239 institutions nationwide.

Disbursement breakdown: ₦65.3 billion for institutional fee payments + ₦51.1 billion for student upkeep allowances.

NELFUND’s Managing Director, Akintunde Sawyerr, described the milestone as “a defining moment in Nigeria’s pursuit of equitable education financing.” He stated that the “one-million mark represents more than data; it represents renewed hope for a generation of Nigerians determined to rise above financial barriers to education.”

Director of Strategic Communications, Oseyemi Oluwatuyi, noted that the milestone was reached in under a year since the scheme’s launch and attributed the success to growing national confidence in the initiative and the wider “Renewed Hope Agenda”.

The rapid uptake suggests that demand for tertiary education financing remains very high across Nigeria.

The large volume of disbursements shows the Fund is actively channeling support—not just accepting applications—into both fees and upkeep.

The scheme is intended to promote inclusive access to education, cutting across ethnic, religious and regional lines.

For students currently in tertiary institutions and those about to enrol, this milestone may encourage more eligible youths to apply.

While over 1 million applications were received, fewer than 650 000 students (about 62 %) have so far benefitted. Questions remain about filtering criteria, approval processes, and timelines for disbursements.

Ensuring timely disbursement to all qualified candidates will be crucial to sustain trust and impact.

Monitoring and accountability will be needed to ensure the funds reach the intended beneficiaries and are used appropriately.

With high uptake, infrastructure (IT systems, application processing, verification) may be under pressure—NELFUND has pledged to improve processes.

What this means for your audience:
For students, especially those at Federal University Oye‑Ekiti (and other campuses), this is a confirmation that the loan scheme is gaining traction and that applying sooner rather than later may be advantageous. For educational administrators, this snapshot provides insight into how government-backed financing is evolving and how institutions should liaise with the Fund. For your website audience, especially those interested in higher education, student-financing or policy, this is a positive benchmark in Nigeria’s human-capital development efforts.

Watch for the next phase of portal opening for the 2025/26 academic session – application deadlines, criteria updates, and disbursement timelines.

Follow how NELFUND scales up to meet increasing demand and how it handles backlog or unapproved applications.

Monitor how the disbursed funds translate into educational outcomes: enrolment rates, completion rates, student satisfaction.

Keep an eye on ancillary impacts: institutional workload, student uptake in under-represented regions, and policy shifts.

NELFUND’s crossing of the one-million‐application mark, coupled with the disbursement of over ₦116 billion, marks a significant milestone in Nigeria’s drive for equitable tertiary-education financing. The challenge ahead lies in converting high demand into efficient delivery and positive learning outcomes.