Report Reveals How 624,000 Students Benefit from N116.4b NELFUND Student Loan

The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦116.4 billion in student loans to more than 624,000 beneficiaries since the launch of its application portal on May 24, 2024.
According to the agency’s Daily Status Report released on Tuesday, October 28, 2025, via its official X handle, NELFUND said it has so far received 929,805 applications, with 624,535 approved.
The report noted that 12,398 new successful applications were recorded, marking a 1.4% daily increase.

Of the total amount disbursed, ₦65.3 billion was paid directly to 239 tertiary institutions as tuition fees, while ₦51.1 billion was released to students as upkeep allowances.
In a separate statement, NELFUND’s Director of Strategic Communications, Oseyemi Oluwatuyi, announced that the 2025/2026 academic session application window will run from October 23, 2025, to January 31, 2026.
He advised newly admitted students to apply using their Admission Number or JAMB Registration Number in place of a matriculation number.
Established under the law signed by President Bola Tinubu in April 2024, NELFUND administers interest-free loans to students in public tertiary institutions to cover tuition and living expenses.
The initiative, part of the Renewed Hope Agenda, aims to remove financial barriers to education and support students from low-income backgrounds.
Beneficiaries are expected to begin repayment after completing their studies and securing employment.