Key points
- The Nigerian Education Loan Fund (NELFUND) has disbursed N1.5 billion to three tertiary institutions, covering 6,129 students for the 2025/2026 academic session.
- Bamidele Olumilua University of Education, Science and Technology (BOUESTI) received the largest allocation of N1.36 billion for 5,396 students.
- While institutions confirmed receipt and disbursement of the funds, beneficiaries expressed concerns over delays in the payment of monthly upkeep allowances.
Main Story
The Nigerian Education Loan Fund (NELFUND) has disbursed a combined N1.5 billion in student loans to three tertiary institutions for the 2025/2026 academic session, benefiting a total of 6,129 students across the country.
NELFUND announced the latest disbursements via its verified X account on Thursday, with all beneficiary institutions confirming receipt of the funds and their subsequent distribution to eligible students.
The beneficiary institutions are Bamidele Olumilua University of Education, Science and Technology (BOUESTI), Ekiti State, Sikiru Adetona College of Education, Science and Technology, Ogun State, and the Edo State College of Nursing Sciences, Benin City.
According to NELFUND, BOUESTI received the largest allocation of N1,360,920,800, disbursed in five tranches to cover tuition for 5,396 students.
Sikiru Adetona College of Education, Science and Technology received N104,530,000 for 680 students, while the Edo State College of Nursing Sciences received N36,485,000 to support 53 students.
The combined disbursement brings the total number of beneficiaries under the latest payment cycle to 6,129 students.
The institutions acknowledged receipt of the funds and commended the Federal Government and NELFUND for the timely release of the loans.
Vice-Chancellor of BOUESTI, Prof. Andrew Babatunde Omojola, confirmed that the university received the full amount approved for its students across five tranches, describing the implementation of the scheme as efficient.
Similarly, the Provost of the Edo State College of Nursing Sciences, Mabel Omobude, assured that the institution would administer the funds responsibly and in accordance with established accountability standards.
The Registrar of Sikiru Adetona College of Education, Dr. Bukola Makinde, also confirmed that the approved funds had already been credited directly to the bank accounts of beneficiary students.
Despite the latest tuition disbursement, several beneficiaries raised concerns over delays in receiving the scheme’s optional monthly upkeep allowance, which is intended to assist students with transportation, feeding and other living expenses.
Some students noted that delayed upkeep payments were affecting their ability to participate in the Students Industrial Work Experience Scheme (SIWES) and meet other academic obligations.
The Issues
The latest disbursement highlights both the progress and challenges facing Nigeria’s student loan programme:
Continued expansion of tuition loan disbursements to eligible tertiary institutions.
Delays in the payment of monthly upkeep allowances for approved beneficiaries.
The need for greater efficiency and transparency in student loan administration.
Ensuring accountability by beneficiary institutions in the management of public funds.
Improving access to financial support to reduce barriers to higher education.
What’s Being Said
NELFUND
N1,360,920,800 disbursed to Bamidele Olumilua University of Education, Science and Technology for 5,396 students.
N104,530,000 disbursed to Sikiru Adetona College of Education, Science and Technology for 680 students.
N36,485,000 disbursed to the Edo State College of Nursing Sciences for 53 students.
Prof. Andrew Babatunde Omojola, Vice-Chancellor, BOUESTI
“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, being total payment of the five tranches of student loan approved to 5,396 students.”
“We sincerely applaud the Managing Director/CEO of NELFUND and his team for ensuring the objectives of the scheme are achieved nationwide.”
Mabel Omobude, Provost, Edo State College of Nursing Sciences
“The disbursement will be judiciously applied strictly for its intended educational purposes in tandem with global best practices.”
Dr. Bukola Makinde, Registrar, Sikiru Adetona College of Education
“The said money had since been disbursed into the bank accounts of the students’ beneficiaries.”
Students
Several beneficiaries appealed to NELFUND to expedite payment of outstanding monthly upkeep allowances, saying prolonged delays are creating financial hardship and affecting academic activities, including SIWES participation.
What’s Next
NELFUND is expected to continue expanding student loan disbursements while implementing digital reforms aimed at improving transparency and efficiency.
The Fund is also preparing to introduce a digital token-based payment system, which will replace the current direct tuition payment model. The initiative is expected to reduce double payments, improve accountability and give students greater flexibility in processing tuition payments.
Meanwhile, beneficiaries are awaiting the payment of outstanding monthly upkeep allowances as NELFUND works to address concerns raised by students.
Bottom Line
NELFUND’s latest N1.5 billion disbursement underscores the Federal Government’s commitment to expanding access to higher education through student financing. However, delays in the payment of monthly upkeep allowances remain a key concern that could undermine the scheme’s broader objective of easing students’ financial burdens.
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