The Nigerian Education Loan Fund has disbursed a total of ₦116.4 billion to more than 624,000 students since its student loan scheme began in May 2024.
According to a daily report shared on Tuesday via NELFUND’s official X handle, a total of 929,805 applications have been received so far, with 624,535 approved and paid. The agency noted that 12,398 new successful applications were recorded, marking a 1.4 percent increase from the previous day.
The report stated that ₦65.3 billion has been paid directly to 239 tertiary institutions as tuition fees, while ₦51.1 billion has gone to students as upkeep allowances.
Earlier this month, NELFUND announced the opening of its loan application portal for the 2025/2026 academic session. The application window runs from October 23, 2025, to January 31, 2026.
In a statement signed by the fund’s Director of Strategic Communications, Oseyemi Oluwatuyi, fresh students were advised to apply using their admission or JAMB registration numbers instead of a matriculation number.
NELFUND was created to manage the Nigeria Student Loan Scheme, signed into law by President Bola Tinubu in April 2024. The programme provides interest-free loans to students in public tertiary institutions to cover tuition and living expenses.
The initiative, which began full operation in May 2024, aims to remove financial barriers to education and support students from low-income families. Beneficiaries are expected to begin repayment after completing their studies and securing employment.
