Student Loan: ₦1.5 Billion Disbursed So Far – NELFUND

The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦1.5 billion to 6,129 students in three institutions for the 2025/2026 academic session.

NELFUND disclosed this on Thursday in an update posted on its verified 𝕏 handle.

According to NELFUND, the beneficiary institutions are Bamidele Olumilua University of Education, Science and Technology, Ekiti State; Sikiru Adetona College of Education, Science and Technology, Omu-Ajose, Ogun State; and the Edo State College of Nursing Sciences, Benin City, Edo State.

A breakdown of the disbursement showed that BOUESTI received the highest amount, with ₦1,360,920,800 released to cover 5,396 students across five tranches.

Sikiru Adetona College of Education, Science and Technology received ₦104,530,000 for 680 students, while the Edo State College of Nursing Sciences received ₦36,485,000 for 53 students.

In total, the Fund said the three institutions received ₦1,501,935,800 for 6,129 beneficiaries.

The three institutions have confirmed receipt of the funds in acknowledgement letters seen by Channels Television.

The Registrar of Sikiru Adetona College, Dr Bukola Makinde, said the money had already been credited to the accounts of the student beneficiaries.

“The said money had since been disbursed into the bank accounts of the students’ beneficiaries,” she said.

Makinde described the intervention as a major support that would enable students “to enjoy financial hitch-free academic progress.”

The Provost of the Edo State College of Nursing Sciences, Mabel Omobude, also confirmed receipt of the funds and pledged that the money would be used strictly for the purpose for which it was released.

“The disbursement will be judiciously applied strictly for its intended educational purposes in tandem with global best practices,” she said.

She added that the college reaffirmed its “continued commitment to compliance, transparency, and accountability in the administration of this facility.”

BOUESTI Vice-Chancellor, Prof. Andrew Babatunde Omojola, confirmed that the university received the full ₦1,360,920,800 approved for its students across five tranches.

“We hereby confirm the receipt of a total sum of One Billion, Three Hundred and Sixty Million, Nine Hundred and Twenty Thousand, Eight Hundred Naira only, being total payment of the five tranches of student loan approved to 5,396 students of BOUESTI disbursed for the 2025/2026 academic session,” he said.

Omojola commended the Federal Government and NELFUND’s management for ensuring the funds were released efficiently.

“We want to appreciate the Federal Government and sincerely applaud the Managing Director/CEO of NELFUND and his team for their efforts and efficiency in ensuring the objectives of the scheme are achieved nationwide,” he added.

Naija News reports that the student loan scheme is one of the Federal Government’s interventions aimed at expanding access to tertiary education by reducing the financial burden on students and their families.