NELFUND student loan applications hit 1.69 million as portal closes, with over N183bn disbursed to students and institutions nationwide

The Nigerian Education Loan Fund on Friday announced that NELFUND student loan applications reached 1,696,316 nationwide as the scheme’s application portal officially closed, marking a significant milestone in Nigeria’s student financing reform programme.

Also read: NELFUND extends student loan deadline to Feb 27

According to the latest Daily Status Report released via the official platform of the Nigerian Education Loan Fund, a total of 983,706 students have so far benefited from the initiative since applications commenced on May 24, 2024.

The Fund disclosed that submissions continued to surge up to the final day, recording a 0.8 per cent increase compared with the previous day, equivalent to 12,776 additional applications.

On disbursement, the agency confirmed that N107.08bn had been paid directly to 265 tertiary institutions as tuition fees, while N76.79bn was released to students as upkeep allowances.

In total, N183.88bn has been disbursed under the programme as of February 1, 2026.

NELFUND had earlier issued a notice on February 25 reminding prospective applicants that the portal would close on February 27, while institutions yet to commence the 2025 academic session were advised to formally request deadline extensions supported by approved academic calendars.

The Managing Director and Chief Executive Officer of NELFUND, Mr Akintunde Sawyerr, stated that the earlier extension of the application deadline from January 31 to February 27 reflected the Fund’s commitment to inclusivity and expanded access to higher education financing.

Mr Sawyerr noted that the decision ensured eligible Nigerian students were given adequate time to complete submissions and benefit from the programme designed to remove financial barriers to tertiary education.

NELFUND was established to administer the Nigeria Student Loan Scheme following its enactment into law by President Bola Ahmed Tinubu in April 2024.

The initiative provides interest-free loans to students enrolled in public tertiary institutions, covering tuition fees and living expenses, with repayment scheduled to commence after beneficiaries complete their education and secure employment.

Also read: UniAbuja faces allegations over NELFUND loan mismanagement

Education stakeholders have described the scheme as a transformative intervention expected to widen access to university education, particularly for students from low-income households across the country.