Student Loan: NELFUND Announces N1.5 Billion Disbursement Milestone

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

This was disclosed by NELFUND on Thursday in an update on its verified 𝕏 handle.

The beneficiary institutions, according to NELFUND, 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.

The disbursement analysis revealed that BOUESTI got the highest amount of ₦1,360,920,800 released for 5,396 students in five tranches.

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

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

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Channels Television obtained letters from the three institutions acknowledging receipt of the funds.

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

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

The intervention, Makinde said, was a major support that would allow students “to enjoy financial hitch-free academic progress.

The Provost, Edo State College of Nursing Sciences, Mabel Omobude, confirmed receipt of the fund and pledged to use the money strictly for the purpose it was released.

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

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

The BOUESTI Vice-Chancellor, Prof. Andrew Babatunde Omojola, said the university got the full ₦1,360,920,800 approved for its students in five tranches.

“We hereby confirm 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,” he said.

Omojola commended the Federal Government and NELFUND management for the efficient release of the funds.

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

The student loan scheme was reported to be one of the Federal Government’s interventions to widen access to tertiary education by easing the financial burden on students and their families.