The Nigerian Education Loan Fund (NELFUND) has reported major progress in its student loan programme, announcing that over ₦116.4 billion has been disbursed to beneficiaries since the launch of its application portal on May 24, 2024.
According to the Daily Status Report released on Tuesday, October 28, 2025, via NELFUND’s official X handle, the agency has received 929,805 applications, with 624,535 students successfully benefiting from the scheme.
The report also revealed that 12,398 new successful applications were recorded, marking a 1.4% increase from the previous day’s figure.
As of October 9, 2025, NELFUND had paid ₦65.3 billion directly to 239 tertiary institutions as tuition fees, while another ₦51.1 billion was disbursed to students as upkeep allowances. This brings the total amount released under the programme to ₦116.4 billion.
In a statement issued on Tuesday by its Director of Strategic Communications, Oseyemi Oluwatuyi, NELFUND announced that the current application window will remain open from Thursday, October 23, 2025, to Saturday, January 31, 2026.
The agency advised new applicants to use their Admission Number or JAMB Registration Number in place of a matriculation number when applying.
Established to implement the Nigeria Student Loan Scheme—signed into law by President Bola Tinubu in April 2024—NELFUND provides interest-free loans to students in public tertiary institutions to cover both tuition fees and living expenses.
Launched in May 2024, the initiative aims to remove financial barriers to higher education and support students from low-income families. Beneficiaries are expected to begin repayment after completing their studies and securing employment.