The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦1.5 billion in student loans to 6,129 beneficiaries across three tertiary institutions for the 2025/2026 academic session.

NELFUND announced the disbursement in an update shared on Thursday via its verified 𝕏 handle.

According to the Fund, the beneficiaries include Bamidele Olumilua University of Education, Science and Technology (BOUESTI), Ekiti State; Sikiru Adetona College of Education, Science and Technology, Omu-Ajose, Ogun State; and the Edo State College of Nursing Sciences, Benin City.

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A breakdown of the payments showed that BOUESTI received the largest allocation, with ₦1,360,920,800 disbursed to cover 5,396 students across five payment tranches.

Sikiru Adetona College of Education, Science and Technology received ₦104,530,000 for 680 students, while the Edo State College of Nursing Sciences was allocated ₦36,485,000 for 53 students.

In total, NELFUND released ₦1,501,935,800 to support 6,129 students in the three institutions.

The beneficiary institutions have confirmed receiving the funds through official acknowledgement letters.

Registrar of Sikiru Adetona College of Education, Science and Technology, Dr. Bukola Makinde, disclosed that the funds had already been credited directly into the bank accounts of the beneficiaries.

“The said money had since been disbursed into the bank accounts of the students’ beneficiaries,” she said, describing the intervention as a major relief that would enable students to pursue their studies without financial disruptions.

Similarly, the Provost of the Edo State College of Nursing Sciences, Mabel Omobude, confirmed receipt of the allocation and assured that the funds would be utilised strictly for their intended educational purpose.

“The disbursement will be judiciously applied strictly for its intended educational purposes in tandem with global best practices,” she stated.

Omobude also reaffirmed the institution’s commitment to transparency, accountability and compliance in administering the loan scheme.

At BOUESTI, Vice-Chancellor Prof. Andrew Babatunde Omojola confirmed that the university received the full ₦1,360,920,800 approved for its students.

“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.

Omojola commended the Federal Government and the management of NELFUND for the timely and efficient release of the funds.

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

The student loan programme is one of the Federal Government’s flagship initiatives aimed at improving access to tertiary education by easing the financial burden on students and their families across the country.