About 70 per cent of students at the University of Ibadan are benefiting from the Nigerian Education Loan Fund student loan scheme, according to a final-year student of the institution.
Olaiya Adewumi, a 600-level Veterinary Medicine student, disclosed this during an interview with Nigerian comedian and former Big Brother Naija housemate, Dee-One, who visited the university to assess students’ experiences with the Federal Government’s student loan initiative.
Adewumi, who is from Ogun State, said she personally benefited from the scheme after applying in her final year, although she first learnt about the programme while in 400 level.
«“Let me say 70 per cent of University of Ibadan students are actually benefiting from the NELFUND loan,” she said.»
She also dismissed concerns that applicants needed personal connections to access the loan, saying the application process was conducted online and did not require knowing anyone.
N20,000 Monthly Allowance Eases Financial Pressure
According to Adewumi, the N20,000 monthly upkeep allowance provided under the scheme has helped reduce the financial burden of feeding, transportation, data subscriptions and other academic expenses.
She estimated that she spends close to N100,000 monthly on feeding and other expenses, although she described the figure as an approximation.
Adewumi said the NELFUND allowance had reduced the amount she would otherwise have had to spend from her personal budget.
However, she called for an increase in the monthly upkeep allowance from N20,000 to between N30,000 and N40,000 to reflect rising living costs.
Although the current allowance does not cover all her expenses, she said it had provided meaningful financial relief.
Student Calls for Faster Disbursement
The final-year student also urged NELFUND to improve the timing of loan disbursements and make the application process more seamless.
She said delays in resolving application issues could require students to visit NELFUND offices physically, sometimes causing them to miss classes, laboratory sessions 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.»
Adewumi added that increasing the monthly allowance would significantly help students cope with the rising cost of living.
Despite the challenges, she expressed appreciation to the Federal Government and others behind the initiative, saying the scheme had made a positive difference in students’ lives.
NELFUND Disburses N322.69bn
The Nigerian Education Loan Fund was established to provide interest-free loans and other financial assistance to eligible students in tertiary institutions, including upkeep allowances to support their living expenses.
Data from the NELFUND dashboard showed that as of August 8, 2026, a total of 1,659,853 applications had been processed, with students from 319 institutions benefiting from the scheme.
The Fund had disbursed N192.89 billion in institutional fees and N129.80 billion in upkeep allowances.
This brings the total amount disbursed since the launch of the NELFUND Student Loan Portal on May 24, 2024, to N322.69 billion.
The latest figures highlight the growing reach of the student loan scheme, even as beneficiaries continue to call for faster disbursements and higher upkeep allowances.
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