NELFUND disburses N1.5 billion to three institutions, covering 6,129 students

The Nigerian Education Loan Fund has announced its latest disbursement of a combined N1.5 billion to three institutions for the 2025/2026 academic session.

NELFUND announced the payments on its verified X handle on Thursday, with all three schools confirming receipt of the funds and their onward disbursement to beneficiary students.

The beneficiary schools include Bamidele Olumilua University of Education, Science and Technology in Ekiti State, Sikiru Adetona College of Education, Science and Technology in Ogun State, and the Edo State College of Nursing Sciences in Benin City, Edo State.

What NELFUND is saying

The fund disclosed the following disbursements for the 2025/2026 academic session:

• N1,360,920,800 to Bamidele Olumilua University of Education, Science and Technology, Ekiti State, covering 5,396 students across five tranches.
• N104,530,000 to Sikiru Adetona College of Education, Science and Technology, Omu-Ajose, Ogun State, covering 680 students.
• N36,485,000 to the Edo State College of Nursing Sciences, Benin City, Edo State, covering 53 students.

The three disbursements bring the total number of students covered across the institutions to 6,129.

The largest disbursement went to BOUESTI, which received N1,360,920,800 across five tranches covering 5,396 students, followed by Sikiru Adetona College, which received N104,530,000 for 680 students, and the Edo State College of Nursing Sciences, which received N36,485,000 covering 53 students.

More insights

All beneficiary schools have also confirmed receiving the disbursements.

BOUESTI Vice-Chancellor Prof. Andrew Babatunde Omojola confirmed receipt of the full N1,360,920,800 disbursed across five tranches and commended NELFUND’s leadership for delivering the funds efficiently.

• “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 disbursed for the 2025/2026 academic session,” he said.
• “We want to appreciate the Federal Government and sincerely applaud the Managing Director/CEO NELFUND and his team for their efforts and efficiency in ensuring the objectives of the scheme are achieved nationwide,” he added.

The Provost of the Edo State College of Nursing Sciences, Mabel Omobude, pledged full accountability in the use of the disbursed funds.

• “The disbursement will be judiciously applied strictly for its intended educational purposes in tandem with global best practices,” she said, adding that the college reaffirms its “continued commitment to compliance, transparency, and accountability in the administration of this facility.”

The Registrar of Sikiru Adetona College, Dr. Bukola Makinde, confirmed the funds had already reached individual students.

• “The said money had since been disbursed into the bank accounts of the students’ beneficiaries,” she said, describing the support as enabling students “to enjoy financial hitch-free academic progress.”

Students lament delay in upkeep allowance payments 

Meanwhile, many beneficiaries of the NELFUND scheme have raised concerns over delays in receiving the approved monthly upkeep allowance, a stipend designed to support students with their day-to-day expenses.

The monthly upkeep allowance is optional and is only provided to students who specifically apply for it alongside the institutional (tuition) loan during the registration process.

Reacting to a Nairametrics report on NELFUND’s plans to replace direct school payments with a digital token system, several affected students shared their frustrations directly.

• “When will we the students start to receive upkeep allowance for May and June? A lot of Nigerian students need this money most especially me now, students are going for SIWES and they need this money to be able to attend this compulsory student industrial scheme,” said Favour Ojochenemi.
• “My child has not received the monthly upkeep since May. For the last two months and it affects us badly,” wrote Modupeola Adeola Idowu, who identified herself as a widow and single parent. “Will this not affect the tuition payment too when it is time?” 
• “For the past three months we haven’t received our upkeep and everyone knows this is a loan. So how are we going to pay for what we haven’t been given?” said Alex Bless, calling on NELFUND’s president to address the complaint.
• “Please work on the upkeep payment. The current situation we are facing is not easy, and many students are finding it difficult to cope with their daily expenses,” wrote Jogo Terzungwe Peter.

What you should know

NELFUND has been intensifying its efforts to improve the efficiency, transparency, and accessibility of Nigeria’s student loan scheme through digital reforms and process automation.

• Earlier this month, Nairametrics reported that NELFUND announced plans to transition from its current direct tuition payment model to a digital token-based payment system.
• The proposed system is designed to reduce cases of double payments, strengthen transparency, and improve efficiency in the management of student loan disbursements.

NELFUND Managing Director, Akintunde Sawyerr, disclosed this during an interview with ARISE News.

According to Sawyerr, the digital token system will allow students to have more control over the timing of their tuition payments while ensuring that loan funds are used strictly for educational expenses.