The Nigerian Training Mortgage Fund (NELFUND) has disbursed N73.1 billion in scholar loans to 366,247 Nigerian college students since its mortgage opened in Could 2024.
NELFUND revealed this in its Pupil Mortgage Disbursement Dashboard, masking knowledge as much as June 28, 2025.
As of June 28, 2025, NELFUND has disbursed N38.26 billion for institutional charges and N34.85 billion as maintenance allowance to scholar beneficiaries, bringing the overall mortgage disbursed thus far to N73,113,908,545.00.
In keeping with the report, 366,247 college students have obtained loans, and 206 tertiary establishments have benefited for the reason that portal was launched on Could 24, 2024.
Registration and software progress
A complete of 647,269 college students have registered on the NELFUND portal, with 611,018 having efficiently utilized for loans. This implies 94% of all registrants have accomplished their mortgage software course of.
From yesterday on June 27, the variety of profitable registrants elevated by 1,316, whereas profitable candidates grew by 1,387.
The report confirmed that 105% of recent registrants efficiently submitted mortgage functions, indicating an environment friendly and responsive mortgage processing system.
What you need to know
In Could, Nairametrics reported that NELFUND is getting ready to increase its attain past conventional tertiary establishments to incorporate vocational and abilities‑acquisition centres throughout the nation, with Enugu State chosen because the pilot location.
- NELFUND Managing Director Akintunde Sawyerr and Government Director of Operations Iyal Mustapha disclosed that the initiative would roll out between late June and mid‑July. They defined that after the portal opens, trainees in vocational fields resembling style design will have the ability to apply on-line for loans that cowl coaching prices, maintenance stipends, and starter instruments, with particular centres designated by the state for efficient distribution
- The Impartial Corrupt Practices and Different Associated Offences Fee (ICPC) started probing claims into alleged discrepancies amounting to N71.2 billion, together with claims that solely N28.8 billion of a budgeted N100 billion had reached college students.
- In response, NELFUND emphatically rejected the allegations, stating that no funds have been mismanaged, stolen, or are unaccounted for below the present NELFUND scholar mortgage scheme. The company clarified that referenced funds stemmed from prior training financing programmes, not the present mortgage scheme, and dedicated to totally cooperative transparency with oversight businesses
In the meantime, the ICPC later clarified that no established discrepancies or diversion of funds had been confirmed thus far.
Across the similar time, NELFUND mandated using its Pupil Mortgage Entry System (SLAS) to streamline knowledge dealing with, enhance transparency, and cut back fraud. The directive requires tertiary establishments to add scholar knowledge straight into SLAS forward of mortgage disbursement, and the Fund has emphasised that higher IT controls are important for accountability.
This push for full digital integration helps authorities and parliamentary requires stronger oversight within the quickly scaling programme.
Be First to Comment