Cynthia Ezegwu
The Nigerian Education Loan Fund (NELFUND) has announced that it has disbursed a total of ₦116.4 billion to beneficiaries under its student loan scheme since the launch of its application portal on May 24, 2024.
According to the Daily Status Report released on Tuesday, October 28, 2025, via the agency’s official X handle, a total of 929,805 applications have been received so far, with 624,535 students already benefiting from the programme.
The report showed that 12,398 new successful applications were recorded, representing a 1.4 per cent increase in new entries from the previous day.
As of October 9, 2025, NELFUND said ₦65.3 billion had been paid as tuition fees to 239 institutions, while ₦51.1 billion had been disbursed as upkeep allowances to students, bringing the total amount released to ₦116.4 billion.
The agency also announced the opening of its student loan application portal for the 2025/2026 academic session. The application window, which began on Thursday, October 23, will close on Saturday, January 31, 2026.
READ ALSO: NELFUND Launches Student Loan Portal for 2025/2026 Session
In a statement signed by its Director of Strategic Communications, Oseyemi Oluwatuyi, NELFUND urged fresh students to apply using their Admission Number or JAMB Registration Number in place of a matriculation number.
Established under the Nigeria Student Loan Scheme signed into law by President Bola Tinubu in April 2024, NELFUND provides interest-free loans to students in public tertiary institutions to cover tuition and living expenses.
The initiative aims to eliminate financial barriers to education and support students from low-income families. Beneficiaries are expected to begin repayment after completing their studies and securing employment.