The Nigerian Education Loan Fund (NELFUND) has disbursed ₦1.5 billion to 6,129 students in three institutions for the 2025/2026 academic session.
NELFUND made this known on Thursday in an update on its verified 𝕏 handle.
The beneficiary institutions, according to NELFUND, are Bamidele Olumilua University of Education, Science and Technology, Ekiti State; Sikiru Adetona College of Education, Science and Technology, Omu-Ajose, Ogun State; and the Edo State College of Nursing Sciences, Benin City, Edo State.
A breakdown of the disbursement showed that BOUESTI received the highest amount with ₦1,360,920,800 released to cover 5,396 students across five tranches.
Sikiru Adetona College of Education, Science and Technology received ₦104,530,000 for 680 students, and Edo State College of Nursing Sciences received ₦36,485,000 for 53 students.
The Fund said the three institutions received a total of ₦1,501,935,800 for 6,129 beneficiaries.
The three institutions have acknowledged receipt of the funds in letters seen by Channels Television.
The Registrar of Sikiru Adetona College, Dr Bukola Makinde, said the money had been credited to the accounts of the student beneficiaries.
“The said money had since been paid into the bank accounts of the beneficiaries of the students,” she said.
Makinde said the intervention was a major support that would enable students “to enjoy financial hitch-free academic progress.”
The Provost, Edo State College of Nursing Sciences, Mabel Omobude, also confirmed receipt of the funds, and pledged that the money would be used strictly for the purpose it was released.
“The disbursement will be judiciously used strictly for its intended educational purposes in tandem with global best practices,” she said.
She said the college reaffirmed its “continued commitment to compliance, transparency, and accountability in the administration of this facility.”
The BOUESTI Vice-Chancellor, Prof. Andrew Babatunde Omojola, said the university received the full ₦1,360,920,800 approved for its students in five tranches.
“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 only, being total payment of the five tranches of student loan approved to 5,396 students of BOUESTI,” he said.
Omojola praised the Federal Government and NELFUND management for ensuring the funds were released efficiently.
“We want to appreciate the Federal Government and we sincerely applaud the Managing Director/CEO of NELFUND and his team for their efforts and efficiency in ensuring that the objectives of the scheme are achieved across the country,” he added.
It was reported that the student loan scheme is one of the Federal Government’s interventions to expand access to tertiary education by lessening the financial burden on students and their families.