The Nigerian Education Loan Fund (NELFUND) has announced a milestone in its ongoing student loan initiative, revealing that ₦116.4 billion has been disbursed to over 624,000 students since its launch on May 24, 2024.
The disclosure was made in a Daily Status Report posted on NELFUND’s official X handle on Tuesday, October 28, 2025.
According to the report, the agency has received 929,805 loan applications nationwide, reflecting strong demand for financial support in Nigeria’s public tertiary institutions. Of these, 624,535 students have so far benefited, with 12,398 new successful applications recorded, marking a 1.4% daily increase from previous figures.
NELFUND stated that as of October 9, ₦65.3 billion has been paid directly to 239 approved institutions as tuition fees, while another ₦51.1 billion has been allocated to students as upkeep allowances.
The combined total of ₦116.4 billion underscores the scheme’s rapid scale-up and its role in reducing the financial burden on low-income families.
In a separate statement, NELFUND’s Director of Strategic Communications, Oseyemi Oluwatuyi, confirmed the opening of the loan application portal for the 2025/2026 academic session.
The application period runs from October 23, 2025, to January 31, 2026, and “fresh students are advised 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 public university students.
The initiative, central to Tinubu’s education reforms, aims to eliminate financial barriers and promote access to higher education. Beneficiaries are expected to commence repayment only after completing their studies and gaining employment.
