The Fund, in an update shared on its verified X handle on Thursday, said the beneficiaries were students of Bamidele Olumilua University of Education, Science and Technology (BOUESTI), Ekiti State; Sikiru Adetona College of Education, Science and Technology, Ogun State; and the Edo State College of Nursing Sciences, Benin City.
According to the disbursement records, BOUESTI received the largest share of the funds, with N1,360,920,800 released for 5,396 students. The amount was paid in five tranches to cover the beneficiaries approved under the student loan scheme.
Sikiru Adetona College of Education, Science and Technology, Omu-Ajose, Ogun State, received N104,530,000 for 680 students, while the Edo State College of Nursing Sciences received N36,485,000 to support 53 students.
The breakdown showed that the three institutions received a combined total of N1,501,935,800, reflecting the Federal Government’s continued implementation of the student loan initiative aimed at improving access to tertiary education.
The institutions have also acknowledged receipt of the funds and confirmed that the money had been processed for the intended beneficiaries.
The Registrar of Sikiru Adetona College of Education, Dr Bukola Makinde, confirmed that the funds had been transferred directly to students’ accounts, noting that the intervention would help reduce financial barriers affecting students’ academic progress.
“The said money had since been disbursed into the bank accounts of the students’ beneficiaries,” she said, adding that the support would enable students “to enjoy financial hitch-free academic progress.”
Similarly, the Provost of the Edo State College of Nursing Sciences, Mabel Omobude, assured that the institution would ensure proper management of the funds in line with accountability standards.
“The disbursement will be judiciously applied strictly for its intended educational purposes in tandem with global best practices,” she stated.
She further reaffirmed the college’s commitment to transparency, compliance, and responsible administration of the student loan facility.
At BOUESTI, Vice-Chancellor Prof. Andrew Babatunde Omojola confirmed that the institution had received the full N1,360,920,800 released across the five payment tranches.
“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 also praised the Federal Government and NELFUND management for ensuring the timely delivery of the funds to students.
“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 adds to NELFUND’s efforts to expand financial support for students facing difficulties in meeting educational costs, with the scheme designed to provide access to funding for eligible students in Nigerian tertiary institutions.