The Nigerian Education Loan Fund (NELFUND) has reported notable progress in its student loan initiative, revealing that over ₦116.4 billion has been disbursed to beneficiaries since the portal went live on May 24, 2024.
In its Daily Status Report shared on X on Tuesday, October 28, 2025, NELFUND stated that it has received a total of 929,805 applications, with 624,535 students benefiting from the scheme so far.
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 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.
It was 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.