The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of approximately N1.5 billion to 6,129 students enrolled in three tertiary institutions across the country for the 2025/2026 academic session.
The Fund disclosed this in an update published on its verified X account on Thursday, stating that the beneficiaries are students of 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 NELFUND, the combined disbursement is aimed at supporting students through the Federal Government’s student loan initiative, which seeks to ease financial challenges associated with higher education.
A breakdown of the payments showed that BOUESTI received the largest allocation, amounting to N1,360,920,800.
The amount was released in five separate tranches and covered 5,396 students of the institution.
Sikiru Adetona College of Education, Science and Technology, Omu-Ajose, Ogun State, received N104,530,000, which was disbursed to 680 students.
Meanwhile, the Edo State College of Nursing Sciences, Benin City, received N36,485,000 for 53 beneficiaries.
NELFUND noted that the total amount distributed to the three institutions stands at about N1.5 billion.
The institutions have since acknowledged receipt of the funds through separate letters obtained by Channels Television.
Confirming the development, the Registrar of Sikiru Adetona College of Education, Science and Technology, Dr. Bukola Makinde, said the institution had already transferred the approved funds 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.
Makinde described the intervention as a major relief for students, adding that it would enable them to continue their academic programmes without financial disruptions.
She stated that the initiative would help students “enjoy financial hitch-free academic progress.”
Similarly, the Provost of the Edo State College of Nursing Sciences, Mabel Omobude, confirmed the receipt of the institution’s allocation and assured that the funds would be applied strictly for their intended purpose.
“The disbursement will be judiciously applied strictly for its intended educational purposes in tandem with global best practices,” she said.
Omobude further reaffirmed the institution’s commitment to transparency and accountability in administering the student loan scheme.
According to her, the college remains committed to ensuring compliance with all operational guidelines governing the programme.
The Vice-Chancellor of Bamidele Olumilua University of Education, Science and Technology, Prof. Andrew Babatunde Omojola, also confirmed the receipt of N1,360,920,800, describing it as the cumulative value of the five tranches released to the institution.
He stated that the funds would benefit 5,396 students for the 2025/2026 academic session.
“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 ensuring the successful implementation of the initiative.
“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 latest disbursement represents another milestone in the implementation of the Federal Government’s student loan programme, which was introduced to improve access to higher education by providing financial support to eligible Nigerian students.
