The Nigerian Education Loan Fund (NELFUND) is making a significant impact at the University of Ibadan (UI), with about 70 per cent of students of the institution reportedly benefiting from the Federal Government’s student-loan scheme.
The development was disclosed by Olaiya Adewumi, a 600-level Veterinary Medicine student of UI, who said the scheme had become an important source of financial relief for students struggling with the rising cost of education and living expenses.
Adewumi made the disclosure during an interview with Nigerian comedian and former Big Brother Naija housemate, Dee-One, who visited the university to assess students’ experiences with the NELFUND initiative.
According to the final-year student, she personally became a beneficiary after applying in her final year, despite first hearing about the scheme while she was in 400 level.
“Let me say 70 per cent of University of Ibadan students are actually benefiting from the NELFUND loan,” she said.
Her testimony provides a glimpse into the growing reach of NELFUND within one of Nigeria’s foremost universities, where students are increasingly using the programme to offset some of the financial pressures associated with tertiary education.
Adewumi also challenged the perception that students need political connections or influential contacts to access the loan, explaining that the application process is conducted online.
She said eligible students could apply without knowing anyone at NELFUND or in government.
For her, one of the most tangible benefits has been the N20,000 monthly upkeep allowance, which she said helps with feeding, transportation, internet data and other academic expenses.
The Veterinary Medicine student said the support was particularly valuable amid the rising cost of living, revealing that she spends approximately N100,000 monthly on feeding and other expenses.
Although the N20,000 allowance does not cover all her needs, she said it has reduced the amount she needs to provide from other sources.
“It’s reduced the total expense, the total budget that was supposed to be spent on feeding and other stuff,” she said.
However, Adewumi believes the scheme can become even more effective if payments are made earlier and the upkeep allowance is increased.
She appealed to NELFUND to raise the monthly allowance from N20,000 to between N30,000 and N40,000, arguing that such an increase would significantly improve students’ ability to cope with rising expenses.
She also called for faster processing and disbursement, noting that students facing difficulties with their applications may have to visit NELFUND offices to resolve issues.
According to her, such delays can have consequences for students, particularly those in demanding programmes involving laboratory work and clinical rotations.
“I would like to advise those in charge that they should ensure that this loan comes on time. They should make it early and they shouldn’t allow students to go through the stress of the application,” she said.
Despite the areas she believes require improvement, Adewumi expressed appreciation for the initiative, saying the scheme had already made a positive difference in the lives of students.
Her testimony comes against the backdrop of a rapid expansion of NELFUND under President Bola Ahmed Tinubu’s administration, with the student-loan scheme increasingly becoming a major component of the Federal Government’s strategy for reducing financial barriers to tertiary education.
Figures from the NELFUND dashboard showed that, as of August 8, 2026, 1,659,853 applications had been processed, while 319 institutions were benefiting from the scheme.
The Fund reported N192.89 billion in payments for institutional fees and N129.80 billion in upkeep allowances, bringing total disbursements since the launch of the NELFUND Student Loan Portal on May 24, 2024, to N322.69 billion.
The scale of the intervention has strengthened NELFUND’s position as an increasingly important pillar of tertiary education financing in Nigeria.
President Tinubu’s decision to establish and strengthen the student-loan system has been accompanied by efforts to provide NELFUND with a more sustainable financial base, including plans involving eligible recovered funds, unclaimed dividends and dormant funds.
At the operational level, NELFUND Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, has continued to drive the Fund’s expansion, with emphasis on digital processing, institutional verification, transparency and improved access for students.
The growing reach of the programme suggests that NELFUND is moving beyond its initial rollout phase and becoming an increasingly permanent feature of Nigeria’s tertiary education financing system.
For students such as Adewumi, however, the significance of the programme is less about the size of national figures and more about what the support means in everyday life.
Whether it helps a student pay for meals, transportation, internet data or other academic needs, the scheme is providing a financial cushion at a time when the cost of living continues to place pressure on students and their families.
The experience at UI also highlights the importance of ensuring that the programme’s rapid expansion is matched by timely disbursement, efficient verification and adequate upkeep support.
As NELFUND prepares for the 2026/2027 academic session, the challenge for Sawyerr and his team will be to build on the gains already recorded while ensuring that more eligible students can access the support without unnecessary delays.
For President Tinubu, the growing reach of NELFUND represents one of the clearest examples of his administration’s effort to expand access to education by reducing the financial burden on Nigerian students.
And for the students of the University of Ibadan, where Adewumi says about seven in every 10 students are already benefiting, NELFUND is increasingly becoming more than a government policy, it is a financial lifeline helping students remain in school and pursue their academic ambitions.
“Romanus Ogene Chizoba is a Political Scientist/Analyst, Junior Member of The National Institute For Policy and Strategic Studies (NIPSS), Member of The Institute of Chartered Madiators and Conciliators of Nigeria (ICMC), A researcher, Peace Scholar, Media Expert and a Good Governance Advocate”
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