The Nigerian Education Loan Fund (NELFUND) has announced that it has disbursed over ₦116.4 billion to beneficiaries under its student loan scheme since the launch of its application portal on May 24, 2024.
According to the agency’s Daily Status Report released on Tuesday, October 28, 2025, through its official X (formerly Twitter) handle, a total of 929,805 applications have been received so far, with 624,535 students benefiting from the scheme.
The latest data also showed that 12,398 new successful applications were recorded, representing a 1.4 per cent increase in new approvals compared to the previous day.
As of October 9, 2025, NELFUND reported that ₦65.3 billion had been paid directly to 239 tertiary institutions as tuition fees, while another ₦51.1 billion was disbursed as upkeep allowances to students—bringing the total disbursement to ₦116.4 billion.
The fund, in a statement issued by its Director of Strategic Communications, Oseyemi Oluwatuyi, also confirmed that the student loan portal for the 2025/2026 academic session officially opened on October 23, 2025, and will remain active until January 31, 2026.
NELFUND urged newly admitted students to apply using either their Admission Number or JAMB Registration Number, noting that the process has been simplified to encourage more participation.
Established in April 2024 following President Bola Tinubu’s approval of the Nigeria Student Loan Act, NELFUND was created to provide interest-free loans to students in public tertiary institutions. The initiative aims to remove financial barriers to education and support learners from low-income households by covering both tuition and living expenses.
Under the scheme, beneficiaries are expected to repay their loans after completing their studies and securing employment, ensuring the programme’s sustainability.
