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The Nigerian Education Loan Fund (NELFUND) has reached a significant milestone, disbursing N116.4 billion to 624,535 students since its launch on May 24, 2024. As detailed in NELFUND’s Daily Status Report on Tuesday, October 28, 2025, the total number of applications received stands at 929,805. The loan funds are broken down as follows: *Tuition Fees – N65.3 billion paid to 239 institutions. “Upkeep Allowances – N51.1 billion disbursed directly to students. The report also showed continued growth, with a 1.4% daily increase, adding 12,398 new successful applications. Persecondnews 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, October 21, 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.
