NELFUND Disburses ₦116.4bn Student Loans to 624,000 Nigerians
The Nigerian Education Loan Fund (NELFUND) has reported notable advancements in its student loan program, having disbursed over ₦116.4 billion to recipients since the portal was launched on May 24, 2024.
As stated in the Daily Status Report published on Tuesday, October 28, 2025, via its official X account, NELFUND mentioned that it received a total of 929,805 applications, with 624,535 students benefiting from the initiative.
The report highlighted that there were 12,398 new successful applications, marking a 1.4% rise in new applications compared to the previous day.
As of October 9, 2025, NELFUND revealed that it had paid ₦65.3 billion to 239 institutions for tuition and additionally disbursed ₦51.1 billion as living allowances for students, totaling loan disbursements of ₦116.4 billion.
PUNCH Online previously reported that the fund announced the official launch of its student loan application portal for the 2025/2026 academic year.
In a statement issued on Tuesday by its Director of Strategic Communications, Oseyemi Oluwatuyi, the agency indicated that the application period would be from Thursday, October 23, 2025, to Saturday, January 31, 2026.
It encouraged new students to apply using their Admission Number or JAMB Registration Number instead of a matriculation number.
NELFUND was created to implement the Nigeria Student Loan Scheme, which was signed into law by President Bola Tinubu in April 2024.
The initiative led by the Tinubu administration offers interest-free loans to students enrolled in public tertiary institutions to assist with tuition and living costs.
The scheme, which started accepting applications in May 2024, aims to eliminate financial obstacles to education and support students from low-income backgrounds.
Beneficiaries are expected to repay the loans after they finish their studies and secure employment.
DOWNLOAD EXAM SCHOLARS 2025 CBT APP ON THE PLAY STORE
DOWNLOAD EXAM SCHOLARS 2025 CBT APP ON THE APP STORE
DOWNLOAD EXAM SCHOLARS 2025 CBT APP ON WINDOWS
Visit EXAMSCHOLARS.COM for more info
