The Nigerian Education Loan Fund (NELFUND) has reported substantial progress in its student loan initiative, revealing that over ₦116.4 billion has been disbursed to beneficiaries since the programme’s portal went live on May 24, 2024.

According to the Daily Status Report published on Tuesday, October 28, 2025, via NELFUND’s official X account, the fund has received a total of 929,805 applications. Out of these, 624,535 students have successfully benefited from the scheme.

The report further highlighted that 12,398 new applications were approved recently, marking a 1.4% increase compared with the previous day’s figures.

As of October 9, 2025, NELFUND stated that ₦65.3 billion had been remitted to 239 institutions to cover tuition fees. In addition, ₦51.1 billion was provided directly to students as upkeep allowances, bringing the total disbursement under the programme to ₦116.4 billion.

Earlier reports from PUNCH Online noted that the fund officially opened its student loan application portal for the 2025/2026 academic session.

In a statement released on Tuesday by NELFUND’s Director of Strategic Communications, Oseyemi Oluwatuyi, the agency confirmed that the application window will remain open from Thursday, October 23, 2025, to Saturday, January 31, 2026.

He also urged new students to use either their Admission Number or JAMB Registration Number as a replacement for a matriculation number when submitting applications.

The student loan programme was enacted into law by President Bola Tinubu in April 2024.

Under the Tinubu administration, the scheme offers interest-free loans to students enrolled in public tertiary institutions, intended to cover both tuition and living expenses.

Applications for the programme began in May 2024, aiming to remove financial obstacles to education and assist students from low-income households.

Beneficiaries are expected to repay the loans once they have completed their studies and secured employment.