The Nigerian Education Loan Fund (NELFUND) says it has disbursed more than N1.5 billion in student loans to 6,129 students across three tertiary institutions for the 2025/2026 academic session, as beneficiary schools confirmed receipt of the funds.
In an update shared on its verified X account, NELFUND said the beneficiaries are Bamidele Olumilua University of Education, Science and Technology (BOUESTI) 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.
According to the Fund, BOUESTI received the largest allocation of N1,360,920,800, distributed in five tranches to support 5,396 students. Sikiru Adetona College received N104,530,000 for 680 students, while the Edo State College of Nursing Sciences received N36,485,000 for 53 students.
The three institutions have acknowledged receiving the funds, with officials saying the loans have reached eligible students and will support uninterrupted academic activities.
Registrar of Sikiru Adetona College, Dr Bukola Makinde, confirmed that beneficiaries had already received the money in their personal bank accounts.
“The said money had since been disbursed into the bank accounts of the students’ beneficiaries,” she said.
Makinde added that the intervention would enable students to enjoy “financial hitch-free academic progress.”
At the Edo State College of Nursing Sciences, Provost Mabel Omobude pledged transparency in administering the loan scheme.
“The disbursement will be judiciously applied strictly for its intended educational purposes in tandem with global best practices,” she said.
She added that the institution remained committed to “compliance, transparency, and accountability” in managing the facility.
BOUESTI Vice-Chancellor, Prof. Andrew Babatunde Omojola, also confirmed receiving the full N1.36 billion across five tranches for 5,396 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… 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.
He commended the Federal Government and NELFUND’s management for the efficient implementation of the student loan scheme.
“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,” Omojola added.
