BREAKING: FG Disburses ₦73.2 Billion Student Loan to 396,000 Nigerians – NELFUND

By Busterblog.com – July 17, 2025

In a major move aimed at reshaping access to tertiary education in Nigeria, the Nigerian Education Loan Fund (NELFUND) has announced the disbursement of over ₦73.2 billion to no fewer than 396,000 students across the country.

This disbursement, according to NELFUND, is part of the Federal Government’s student loan programme aimed at providing financial relief and academic support to Nigerian students in both federal and state-owned tertiary institutions.

The official statement released on Wednesday evening noted that the funds were directly credited to beneficiaries\' institutions, ensuring transparency and accountability in how the loans are used.

“This is a bold step in democratizing education and providing equal opportunities for youths across the six geopolitical zones,” a top NELFUND executive stated.

The programme, which has been at the center of national conversation for months, is seen as a fulfillment of President Bola Ahmed Tinubu’s promise to make education more accessible and reduce financial pressure on parents and guardians amid rising economic challenges.

Key Highlights:

₦73.2 billion disbursed in total.

396,000 students have benefitted so far.

Covers both federal and state-owned universities, polytechnics, and colleges of education.

Disbursements were made directly to schools, not students, to prevent misuse.

The announcement has generated widespread reactions online, with many commending the federal government’s effort while others are calling for expansion to include private institutions and more transparency in selection criteria.

Some students have also voiced concerns about delays in approval and lack of awareness about the application process. NELFUND, however, reassures the public that more updates, including a second disbursement batch, will follow soon.

The student loan scheme, signed into law in 2023 and amended in 2024, is designed to provide interest-free financial aid, with repayment expected only after graduation and upon securing employment.

With Nigeria’s youth population growing rapidly and education costs climbing, this intervention could mark a turning point—if properly managed.

Stay with Busterblog.com for continued updates on this developing story and what it means for students, parents, and the future of education in Nigeria.