The Nigerian Education Loan Fund (NELFUND) has reported major strides in its student loan initiative, disbursing over ₦116.4 billion to beneficiaries since the launch of its application portal on May 24, 2024.
In its Daily Status Report released on Tuesday, October 28, 2025, via its official X handle, NELFUND revealed that it has received a total of 929,805 applications, with 624,535 students already benefiting from the programme.
The report also noted that 12,398 new successful applications were recorded, marking a 1.4% increase compared to the previous day.
As of October 9, 2025, NELFUND confirmed the disbursement of ₦65.3 billion to 239 institutions for tuition payments, alongside ₦51.1 billion in upkeep allowances to students — bringing the total amount disbursed to ₦116.4 billion.
PUNCH Online had earlier reported that the Nigerian Education Loan Fund (NELFUND) announced the official launch of its student loan application portal for the 2025/2026 academic session.
In a statement released on Tuesday by its Director of Strategic Communications, Oseyemi Oluwatuyi, the agency stated that the application period will run from Thursday, October 23, 2025, to Saturday, January 31, 2026.
The agency advised newly admitted students to use their Admission Number or JAMB Registration Number in place of a matriculation number when applying.
NELFUND was created to oversee the implementation of the Nigeria Student Loan Scheme, which was signed into law by President Bola Tinubu in April 2024.
The initiative by the Tinubu administration offers interest-free loans to students in public tertiary institutions, covering both tuition fees and living expenses.
Launched in May 2024, the scheme aims to remove financial obstacles to education and provide support for students from low-income families.
Recipients of the loans are required to begin repayment after completing their studies and securing employment.
