About 70 per cent of students at the University of Ibadan (UI) are reportedly benefiting from the Federal Government’s Nigerian Education Loan Fund (NELFUND) student loan scheme, according to a final-year student of the institution.

Olaiya Adewumi, a 600-level Veterinary Medicine student from Ogun State, disclosed this during an interview with comedian and former Big Brother Naija housemate, Dee-One, who visited the university to assess the impact of the student loan programme on students.

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Adewumi, who personally benefited from the scheme after applying in her final year, said students do not need political connections or influential contacts to access the loan. According to her, the application is conducted online and can be completed independently. She said, “Let me say 70 per cent of University of Ibadan students are actually benefiting from the NELFUND loan.”

₦20,000 Monthly Allowance Eases Pressure

The Veterinary Medicine student said the ₦20,000 monthly upkeep allowance she receives from NELFUND has helped reduce the financial pressure associated with feeding, transportation, internet data and other academic expenses.

She estimated that she spends nearly ₦100,000 monthly on feeding and other personal expenses, noting that although the N20,000 allowance does not cover all her needs, it has reduced the amount she would otherwise have to provide herself.

“It’s reduced the total expense, the total budget that was supposed to be spent on feeding and other stuff,” she said.

However, Adewumi appealed to NELFUND to increase the monthly upkeep allowance to between ₦30,000 and ₦40,000, arguing that the current amount is becoming inadequate amid rising living costs.

Student Appeals for Faster Disbursement

The student also urged NELFUND to improve the timing of loan disbursements and simplify the application process.

According to her, delays in resolving applications sometimes force students to visit NELFUND offices physically, which can result in students missing lectures, laboratory sessions and clinical rotations.

“I would like to advise those in charge that they should ensure that this loan comes on time. They should make it early and they shouldn’t allow students to go through the stress of the application,” she said.

She nevertheless commended the Federal Government for introducing the scheme, saying it has already made a significant difference in the lives of beneficiaries.

NELFUND Disbursement Hits ₦322.69 Billion

NELFUND was established by the Federal Government to provide interest-free financial support to eligible students in tertiary institutions, including institutional fee payments and upkeep allowances.

According to figures on the NELFUND dashboard as of August 8, 2026, a total of 1,659,853 applications had been processed, involving 319 institutions.

The figures showed that ₦192.89 billion had been paid for institutional fees, while ₦129.80 billion had been disbursed as upkeep allowances.

This brings the total amount disbursed under the NELFUND Student Loan Scheme since the launch of its portal on May 24, 2024, to approximately ₦322.69 billion.