The Nigerian Education Loan Fund (NELFUND) has disclosed that it disbursed N22.7 billion as institutional loans to over 200,000 beneficiaries during the just-concluded 2023/2024 academic session across various institutions nationwide.
Within the same period, the agency also disbursed N12.8 billion as upkeep loans to over 169,000 students to support their living expenses. The upkeep loan is not mandatory for students who receive institutional loans. Each student who applied for upkeep support received N20,000 monthly.
NELFUND Managing Director, Akintunde Sawyerr, stated this in Abuja while announcing the closure of student loan applications for the 2023/2024 session, effective from Friday, February 21, 2025.
He also confirmed that the loan portal for the 2024/2025 academic session opens on February 22, 2025.
Breakdown of Applications for the 2023/2024 Session
While providing an analysis of the applications received and the amounts disbursed during the 220-day application window, Sawyerr shared the following figures:
- Application window: 220 days
- Number of submitted applications for institutional loans: 364,042
- Average number of applications per day: 1,000
- Total amount disbursed as institutional loans: N22,736,960,971
- Number of beneficiaries for institutional loans: 215,514 students
- Total amount disbursed as upkeep loans: N12,818,960,000
- Number of beneficiaries for upkeep support: 169,114 students
- Number of institutions covered: 240 (including federal and state institutions of learning)
Sawyerr assured that NELFUND will process all applications that were successfully submitted before the deadline, emphasizing the agency’s commitment to efficiency, transparency, and continuous improvement as preparations begin for the 2024/2025 application cycle.
Efforts to Identify Dropouts
Similarly, NELFUND has announced plans to update its system as it opens the 2024/2025 loan portal, focusing on identifying students who have dropped out but might still be receiving stipends from the government.
The agency’s Executive Director of Operations, Mustapha Iyal, stated this while discussing efforts to develop a students’ database to determine those no longer in school.
He further explained that NELFUND is collaborating with institutions nationwide to address the issue. Additionally, he emphasized that students who remain in school must apply for the 2024/2025 session to benefit from both the institutional and upkeep loans.
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