The Nigerian Education Loan Fund (NELFUND) has received a total of 1,696,316 applications from students across the country since the portal opened on May 24, 2024.

According to the Fund’s latest Daily Status Report shared on its official X account, 983,706 students have benefited from the scheme so far.

Applications continued to surge up until the final day, recording a 0.8 per cent increase over the previous day, which translated to an additional 12,776 submissions.

On disbursement, NELFUND confirmed that N107,086,869,491 has been paid directly to 265 beneficiary institutions as institutional fees. In addition, N76,798,940,000 has been released to students as upkeep allowances.

In total, N183,885,809,491 has been disbursed under the scheme as of February 1, 2026.

Earlier, on February 25, the Fund announced that the student application portal would close on February 27, urging prospective applicants to complete their submissions before the deadline.

“The NELFUND student portal will close on 27 February 2026. Please apply before it closes. Institutions that have not yet commenced the 2025 academic session should submit an official request for an extension, along with their approved academic calendar, for consideration,” the notice stated.

In January, the Fund extended the application deadline for the 2025/2026 academic session from January 31 to February 27, providing additional time for students to complete the process.

The Managing Director and Chief Executive Officer of NELFUND, Akintunde Sawyerr, explained that the extension was aimed at ensuring wider access.

“This extension reflects our commitment to inclusivity and access. We understand that some applicants may require additional time to complete their submissions, and this decision ensures that every eligible Nigerian student has a fair opportunity to benefit from the Fund,” Sawyerr said.

He encouraged students who had not yet applied or completed their submissions to take advantage of the window before closure.

NELFUND was established to administer the Nigeria Student Loan Scheme, which was enacted into law by President Bola Tinubu in April 2024. The initiative provides interest-free loans to students in public tertiary institutions to cover tuition and living expenses.

Applications opened in May 2024 with the aim of removing financial barriers to higher education, particularly for students from low-income backgrounds. Beneficiaries are expected to repay the loans after completing their studies and securing employment.