NELFUND Disburses ₦116.4 Billion in Student Loans to Over 624,000 Nigerian Students

The Nigerian Education Loan Fund (NELFUND) has announced remarkable progress in its student loan scheme, confirming that over ₦116.4 billion has been disbursed to beneficiaries since the official launch of its portal on May 24, 2024.

According to the agency’s Daily Status Report released on October 28, 2025, through its official X (formerly Twitter) handle, a total of 929,805 applications have been received so far, with 624,535 students successfully benefiting from the programme.

The report further revealed that 12,398 new applicants were approved recently, representing a 1.4% increase from the previous day’s figures.

Breakdown of Disbursement

As of October 9, 2025, NELFUND confirmed that it has paid ₦65.3 billion in tuition fees directly to 239 institutions across Nigeria. In addition, ₦51.1 billion has been disbursed to students as upkeep allowances, bringing the total loan value to ₦116.4 billion.

This funding structure ensures that both tuition and living expenses are adequately covered, reducing the financial burden on students pursuing higher education in public tertiary institutions.

Student Loan Portal and Application Window

NELFUND previously announced the official opening of its student loan application portal for the 2025/2026 academic session. According to the agency’s Director of Strategic Communications, Oseyemi Oluwatuyi, the application window opened on Thursday, October 23, 2025, and will remain active until Saturday, January 31, 2026.

Fresh students are encouraged to apply using their Admission Number or JAMB Registration Number in place of a matriculation number to access the loan application system.

About the NELFUND Scheme

The Nigerian Education Loan Fund was established following the Student Loan Act, signed into law by President Bola Ahmed Tinubu in April 2024. The initiative was introduced to make higher education more accessible by offering interest-free loans to students enrolled in public tertiary institutions across the country.

The student loan scheme covers both tuition fees and living expenses, ensuring that financial challenges do not hinder the academic progress of eligible students. The repayment process is designed to begin only after the beneficiary graduates and secures employment, ensuring a flexible and manageable system.

Impact on Education and Youth Development

Since its launch, the NELFUND programme has been instrumental in promoting financial inclusion, education access, and youth empowerment in Nigeria. The initiative is part of the federal government’s broader economic plan to build a skilled, educated, and self-reliant workforce capable of driving national development.

By investing in students through this scheme, the government aims to eliminate economic barriers that often prevent young Nigerians from obtaining quality education. This, in turn, contributes to reducing poverty, unemployment, and inequality in the country.

Application Tips for Interested Students

Students who wish to apply for the 2025/2026 loan cycle are advised to:

1. Visit the official NELFUND application portal to complete their registration.
2. Ensure all required personal and academic details are correctly entered.
3. Have valid NIN and BVN information before submission.
4. Regularly check the portal and their registered email for updates.

The disbursement of ₦116.4 billion by NELFUND marks a major achievement in Nigeria’s quest to make education affordable and accessible. With thousands of new students benefitting daily, the initiative stands as one of the most impactful youth-focused financial policies of the Tinubu administration.

Interested applicants are encouraged to apply before the January 31, 2026 deadline to benefit from this life-changing opportunity.