In a landmark milestone for education in Nigeria, over 298,000 students from 198 public institutions have benefited from the government-backed student loan scheme, receiving a total of ₦59.9 billion, according to figures released by the Nigerian Education Loan Fund (NELFUND).
As of the latest update, ₦30.1 billion was disbursed as institutional loans directly to schools, while ₦29.7 billion was transferred as upkeep support to students' individual accounts.
According to the report, over 635,000 students have completed registrations on the NELFUND portal, and 598,107 have officially applied for the student loan.
NELFUND has announced a complete digitization of the Student Loan Application System (SLAS), aimed at improving processing speed and transparency.
In a statement issued by its Director of Corporate Communications, Oseyemi Oluwatuyi, the agency urged all accredited institutions to quickly onboard the upgraded platform.
“With this upgrade, all accredited institutions are now required to request access to SLAS to verify and upload student data related to loan applications,” Oluwatuyi said.
Institutions yet to onboard are advised to send access requests to registration@nelf.gov.ng without delay. Once onboarded, they will gain access to a real-time dashboard that allows them to verify student data, monitor loan applications, and track disbursements.
This marks a major push by the federal government to democratize access to tertiary education, ensuring that students from low-income backgrounds can stay enrolled and meet their basic needs while studying.
With more than ₦59.8 billion already disbursed and thousands of new applications pending, the scheme is shaping up to be one of Nigeria’s most impactful educational initiatives in recent years.
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