70% of UI Students Benefit From NELFUND Loan, Final-Year Student Reveals

About 70 per cent of students at the University of Ibadan (UI) are benefiting from the Nigerian Education Loan Fund (NELFUND) student loan scheme, according to a final-year student of the institution.

Olaiya Adewumi, a 600-level Veterinary Medicine student, made the disclosure while speaking 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 programme.

Adewumi, who is from Ogun State, said she became a beneficiary of the scheme after applying in her final year, despite first learning about the opportunity 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.

The student also dismissed the perception that applicants require personal connections to access the loan, explaining that the application process is conducted online and can be completed without knowing anyone in government or at NELFUND.

According to her, the N20,000 monthly upkeep allowance has helped reduce the financial pressure associated with feeding, transportation, internet data and other academic expenses.

Adewumi said the support had become particularly significant amid the rising cost of living, revealing that she spends approximately N100,000 every month on feeding and other expenses.

Although the allowance does not cover all her needs, she said it had reduced the amount she would otherwise have had 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, she urged NELFUND to improve the timing of disbursements and increase the monthly upkeep allowance from N20,000 to between N30,000 and N40,000.

She explained that delays and difficulties with applications could force students to visit NELFUND offices to resolve issues, potentially causing them to miss lectures, 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 allowance would “really go a long way” in helping students cope with rising living and educational expenses.

Despite the challenges, she expressed appreciation for the student-loan initiative, saying it had already made a meaningful difference in the lives of beneficiaries.

NELFUND was established by the Federal Government to provide interest-free loans and other financial support to eligible students in tertiary institutions, including upkeep allowances designed to assist beneficiaries with their living expenses.

Meanwhile, figures from the NELFUND dashboard showed that, as of August 8, 2026, a total of 1,659,853 applications had been processed, with 319 institutions benefiting from the scheme.

The Fund reported that N192.89 billion had been paid for institutional fees, while N129.80 billion had been disbursed as upkeep allowances.

The combined figure puts NELFUND’s total loan disbursement since the launch of its Student Loan Portal on May 24, 2024, at N322.69 billion

The growing number of applications and beneficiaries underscores the increasing role of NELFUND in reducing financial barriers to tertiary education, even as students continue to call for faster disbursement and higher upkeep support.