NELFUND Allocates N56.85 Billion in Student Loans to 298,124 Recipients
The Nigerian Education Loan Fund (NELFUND) has achieved remarkable strides in its nationwide deployment of student loans, distributing N56.85 billion to 298,124 scholars across 198 educational institutions.
As per the status report, the fund has allocated N30.17 billion directly to institutions for tuition fees and N26.67 billion to students for maintenance allowances.
Total Allocation: N56.85 billion
Number of Recipients:298,124 students
Educational Institutions:198 universities, polytechnics, and colleges of education
Application Success Rate:
92% (562,556 applicants from 607,326 registered individuals)
Expansion Plans:
Vocational Training: NELFUND intends to extend its loan scheme to vocational and skills acquisition centers, commencing in Enugu State by June/July 2025
IT Integration: Direct integration with institutional portals to streamline the application process and enhance accessibility
Benefits:
Enhanced Access: A greater number of students will gain access to affordable higher education and vocational training
Simplified Process: A streamlined application process via institutional portals
Economic Empowerment: Promotion of skills acquisition and entrepreneurship development through vocational training
This initiative represents a significant milestone in the federal government’s strategy to broaden access to affordable higher education and foster economic development through skills acquisition and entrepreneurship.
