The Nigerian Education Loan Fund (NELFUND) has disbursed ₦116.4 billion to over 624,000 student beneficiaries since the launch of its loan application portal on May 24, 2024.
According to the agency’s Daily Status Report released on Tuesday, October 28, via its official X social media platform, 929,805 applications have been received to date, out of which 624,535 students have successfully benefited from the programme.
The report further revealed that 12,398 new applications were approved, representing a 1.4% increase from the previous day’s record.
As of October 9, NELFUND disclosed that ₦65.3 billion had been paid to 239 tertiary institutions across Nigeria as tuition fees, while an additional ₦51.1 billion was released as upkeep allowances to students bringing the total loan disbursement to ₦116.4 billion.
In a related development, the fund announced the official opening of its student loan application portal for the 2025/2026 academic session.
In a statement signed by Oseyemi Oluwatuyi, NELFUND’s director of strategic communications, the agency stated that the application window will be open from Thursday, October 23, to Saturday, January 31, 2026.
It urged fresh applicants to apply using their admission number or Joint Admission Matriculation Board (JAMB) registration number in place of a matriculation number.
Established to implement the Nigeria Student Loan Scheme signed into law by president Bola Ahmed Tinubu in April 2024 NELFUND’s initiative provides interest-free loans to students in public tertiary institutions to cover tuition and living expenses.
The scheme, which began operations in May 2024, aims to eliminate financial barriers to higher education and empower students from low income backgrounds.
Beneficiaries are expected to repay their loans upon securing employment after graduation.
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