NELFUND reports a student loan boost with N140.9bn disbursed to 788k students as Nigeria expands the scheme to vocational skills

The Nigerian Education Loan Fund has announced a significant student loan boost with the disbursement of N140.9 billion to beneficiaries since the scheme’s digital portal opened on 24 May 2024.

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In a Daily Status Report published on Sunday through its official X handle, NELFUND confirmed it had received 1,193,228 applications, with 788,947 students already benefiting from the initiative across 262 approved institutions.

The figures, updated to 12 November 2025, show 35,773 newly successful applicants for the week and 3,367 on the day of reporting, marking a modest 0.3 per cent rise from the previous day.

According to the agency, N140,884,471,740 has been disbursed so far, comprising N88,947,000 in institutional fees and N53.7 billion in upkeep allowances to support students’ living costs.

The fund said the continuous rise in applications reflected growing confidence in the programme, which remains one of the government’s most ambitious education support schemes.

NELFUND is now preparing to extend its loan coverage to vocational and skills acquisition programmes.

Managing Director Akintunde Sawyerr told the News Agency of Nigeria that the expansion aligns with the Federal Government’s wider education and human capital agenda.

He said the move demonstrates President Bola Tinubu’s commitment to broadening learning pathways beyond traditional university routes.

Sawyerr noted that Nigeria’s next stage of development requires a deliberate blend of academic and technical expertise to equip young people for an evolving labour market.

“At NELFUND, we have a mandate to also support vocational skills. We have not started yet, but the Tinubu administration has ensured there is full coverage around the skills issue,” he said.

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The forthcoming inclusion of vocational training is expected to offer millions more Nigerians an opportunity to gain practical skills, enhancing employability and widening the impact of the loan scheme.