NELFUND Logs 1.69 Million Student Loan Applications, Disburses N183.9bn Ahead of Portal Closure

The Nigerian Education Loan Fund (NELFUND) says it has received 1,696,316 applications from students across the country as its application portal closes on Friday, February 27, 2026.

In its latest daily status update published on X, the Fund said 983,706 students have already benefited from the loan programme since applications opened on May 24, 2024. The final day also saw continued demand, with applications rising by 0.8 per cent compared with the previous day. That increase represented 12,776 fresh submissions.

NELFUND also provided a fresh breakdown of disbursements. It said N107,086,869,491 has been paid directly to 265 beneficiary institutions as tuition and other institutional charges. A separate N76,798,940,000 has been paid to students as upkeep support.

Combined, total disbursement under the scheme has now reached N183,885,809,491 as of February 1, 2026.

The Fund had announced on February 25 that the portal would shut on February 27 and advised eligible students to complete pending applications before the deadline. In the notice, it also asked institutions that have not started the 2025 academic session to submit a formal extension request with their approved academic calendar for review.

NELFUND had earlier moved the deadline for the 2025/2026 cycle from January 31 to February 27. Managing Director and Chief Executive Officer, Akintunde Sawyerr, said the extension was meant to widen access and ensure that qualified applicants who needed more time were not excluded.

Sawyerr said the decision reflected NELFUND’s commitment to inclusion and equal opportunity for Nigerian students. He urged applicants who had not completed their submissions to use the extra window and upload all required details before closure.

The Fund was created to manage implementation of the Nigeria Student Loan Scheme signed into law by President Bola Tinubu in April 2024. The programme offers interest-free loans for students in public tertiary institutions, covering school charges and living expenses. Beneficiaries are expected to begin repayment after graduation and employment.