NELFUND Releases ₦183.8bn In Student Loans, Extends Deadline For Applicants

The Nigerian Education Loan Fund (NELFUND) has extended the deadline for its Student Loan Application Portal following a surge in interest nationwide, fueled by its ongoing awareness campaign.....KINDLY READ THE FULL STORY HERE▶

The decision comes just days after the Fund had announced that the portal would close on February 27, 2026.

In a statement issued on Monday by its Director of Strategic Communications, Oseyemi Oluwatuyi, NELFUND said the extension was prompted by strong feedback from students and other stakeholders across the country. The agency noted that heightened awareness and participation made it necessary to allow more time for applications.

Part of the statement read: “The Nigerian Education Loan Fund has approved an extension of its Student Loan Application Portal following a significant increase in awareness and nationwide demand generated by its ongoing sensitisation campaign.

“The Fund has approved additional days to ensure all eligible students have sufficient opportunity to complete their applications, pending further management decisions and communications.”

NELFUND explained that the extra time would benefit students who need more time to apply, those who recently learned about the scheme, institutions that have just begun the 2025/2026 academic session, and schools yet to submit verified student data.

The Managing Director and Chief Executive Officer, Akintunde Sawyerr, said the move reflects the Fund’s mission to broaden access to tertiary education financing.

“Our sensitisation campaigns across the six geopolitical zones have greatly boosted awareness and participation,” he said. “In line with our mandate to expand access to tertiary education funding, we have approved this extension to ensure all qualified students have a fair chance to apply.”

He reaffirmed the Fund’s commitment to transparency, accountability, and sustainable student financing solutions designed to eliminate financial barriers to higher education.

At the initial close of the portal on Friday, NELFUND reported receiving 1.69 million applications and disbursing ₦183.8 billion to beneficiaries.

The agency urged institutions that have not yet started the 2025/2026 academic session to formally request an extension and submit their approved academic calendars. Students were also advised to complete their applications through the official portal before the revised deadline.

NELFUND was created to manage the Nigeria Student Loan Scheme, signed into law by President Bola Tinubu in April 2024. The scheme provides interest-free loans to students in public tertiary institutions to cover tuition and living expenses. Applications opened in May 2024 to help ease the financial strain of rising education costs, particularly for students from low-income families.

Beneficiaries are required to repay the loans after completing their studies and securing employment.