The Nigerian Education Loan Fund has announced significant progress in its student loan scheme, with over ₦116.4 billion disbursed to beneficiaries since the portal launch on May 24, 2024.
According to the Daily Status Report released on Tuesday, October 28, 2025, via its official X handle, NELFUND said a total of 929,805 applications have been received, out of which 624,535 students have benefited from the programme.
The report indicated that 12,398 new successful applications were recorded, representing a 1.4% increase in new applications from the previous day.
As of October 9, 2025, NELFUND said it has paid ₦65.3 billion to 239 institutions as tuition fees, while an additional ₦51.1 billion has been disbursed as upkeep allowances to students, bringing the total loan disbursement to ₦116.4 billion.
PUNCH Online earlier reported that the fund had announced the official opening of its student loan application portal for the 2025/2026 academic session.
The agency, in a statement issued on Tuesday by its Director of Strategic Communications, Oseyemi Oluwatuyi, said the application window will run from Thursday, October 23, 2025, to Saturday, January 31, 2026.
It urged fresh students to apply using their Admission Number or JAMB Registration Number in place of a matriculation number.
NELFUND was established to implement the Nigeria Student Loan Scheme, signed into law by President Bola Tinubu in April 2024.
The Tinubu-led administration’s initiative provides interest-free loans to students in public tertiary institutions to cover tuition and living expenses.
The scheme, which began accepting applications in May 2024, was designed to eliminate financial barriers to education and support students from low-income families.
Beneficiaries are expected to repay the loans after completing their studies and gaining employment.
