The Nigerian Education Loan Fund (NELFUND) has successfully processed 437,523 out of the 520,905 applicants that registered for the 2024/2025 window that commenced on February 22.
According to information from NELFUND not less than 83 per cent of the applications received by the student loan managers were successfully processed as at Friday, March 21, 2025.
Akintunde Sawyerr, managing director at NELFUND in a statement sighted by BusinessDay the total loan disbursed is approximately N42.2 billion, the institutional fee is N98 billion, while upkeep allowance is approximately N14.3 billion.
Changes from the previous day’s registration witnessed about 164 per cent, with +943 total number of successful registrants, +1,532 total number of successful applicants, and +N543.4 billion as a total number of institutional fee and upkeep allowance.
The Student Loan Initiative is a programme established by President Bola Tinubu’s administration to break financial barriers in higher education in Nigeria.
The federal government through the Student Loan Initiative strives to revolutionise higher education accessibility in Nigeria by providing interest-free loans to eligible students, thereby breaking down financial barriers and empowering Nigerians to pursue their academic aspirations.
(Business Day)
