NELFUND Disburses Over ₦489M Student Loan to 2,271 LAUTECH Students

More than N489 million in student loans have been disbursed by the Nigerian Education Loan Fund to help students at Ladoke Akintola University of Technology in Ogbomoso, Oyo State, with their academic endeavors.

The statement, which was issued on Friday on the official NELFUND X feed, outlines three distinct funding tranches intended to ease financial strains and guarantee Nigerian students’ access to education.

“We are pleased to announce the disbursement of funds to students of Ladoke Akintola University of Technology in three tranches: N8,670,000 to 52 students on September 5, 2024, N83,916,000 to 666 students on November 1, 2024, and N397,152,000 to 1,553 students on March 5, 2025,” NELFUND said in the statement with an explanation of the distributions.

“We remain committed to supporting students in their academic journey,” the statement added, underscoring the organization’s commitment. 52 students received N8.67 million from the first payment, which was distributed on September 5, 2024, providing early financial relief to a chosen set.

A far bigger payout, totaling ₦83.916 million distributed to 666 pupils on November 1, 2024, followed this, indicating a wider reach.

On March 5, 2025, the largest tranche—worth ₦397.152 million—was disbursed to 1,553 students, demonstrating NELFUND’s expanding ability to assist with higher education.

This program is in line with NELFUND’s overarching goal, which was created by the Student Loans (Access to Higher Education) Act of 2024, which is to eliminate financial obstacles and advance fair access to postsecondary education throughout Nigeria. The funding’s tiered approach shows a calculated attempt to meet students’ changing demands throughout the academic year.

The N489,738,000 total payout to 2,271 LAUTECH students demonstrates the critical role that NELFUND plays in furthering President Bola Tinubu’s Renewed Hope Agenda, which places a high priority on education as a means of fostering national development.