BREAKING: NELFUND Reveals ₦1.5 Billion Has Already Reached Student Beneficiaries

The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of more than ₦1.5 billion to 6,129 students across three tertiary institutions for the 2025/2026 academic session.....KINDLY READ THE FULL STORY HERE▶

The Fund disclosed this in an update shared on its verified X account on Thursday, stating that the beneficiaries are students of Bamidele Olumilua University of Education, Science and Technology (BOUESTI), Ekiti State; Sikiru Adetona College of Education, Science and Technology, Omu-Ajose, Ogun State; and the Edo State College of Nursing Sciences, Benin City.

According to NELFUND, BOUESTI received the largest allocation, with ₦1,360,920,800 disbursed in five tranches to cover the tuition of 5,396 students.

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

Altogether, the three institutions received a total of ₦1,501,935,800 for 6,129 students under the Federal Government’s student loan programme.

The institutions have confirmed receiving the funds through separate acknowledgement letters.

Registrar of Sikiru Adetona College of Education, Science and Technology, Dr. Bukola Makinde, said the approved funds had already been credited to the accounts of the affected students.

She described the intervention as a significant relief that would enable beneficiaries to pursue their studies without financial disruption.

Similarly, the Provost of the Edo State College of Nursing Sciences, Mabel Omobude, confirmed receipt of the funds and assured that the institution would ensure the money was used solely for its intended purpose.

She also reaffirmed the college’s commitment to transparency, accountability and strict compliance in administering the student loan facility.

Meanwhile, BOUESTI Vice-Chancellor, Prof. Andrew Babatunde Omojola, confirmed that the university received the full ₦1,360,920,800 approved for its 5,396 students across five payment tranches.

Omojola commended the Federal Government and the management of NELFUND for the timely and efficient release of the funds, noting that the scheme is helping to improve access to higher education for Nigerian students.

The student loan programme is one of the Federal Government’s flagship initiatives aimed at easing the financial burden on students and expanding access to tertiary education across the country.