Follow Us on Google Discover
The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N372.62 billion in student loans to Nigerian students since the launch of its student loan portal in May 2024.
The fund made this known in its Student Loan Disbursement Report generated on October 3, 2026, covering disbursements up to September 29, 2026.
The latest figures show the scale of the programme since the portal was launched, covering payments to institutions for fees and upkeep allowances paid directly to students.
NELFUND records N192.89 billion in fees, N179.73 billion in upkeep
NELFUND disclosed that N192.89 billion has been paid to 319 beneficiary institutions as institutional fees under the student loan programme.
- Meanwhile, N179.73 billion has also been paid directly to students as upkeep allowances.
- Together, these payments bring the total disbursements under the programme to N372.62 billion as of October 3.
- The fund has also processed 1,659,853 applications since the launch of the NELFUND Student Loan Portal.
The latest report is part of NELFUND’s continued tracking of the student loan scheme, which helps students meet tuition and living costs and ease the financial burden of pursuing higher education.
NELFUND said the report highlights milestones achieved since the launch of its Student Loan Portal.
The student loan programme is part of the Federal Government’s efforts to expand access to higher education by providing financial support to eligible Nigerian students.
How NELFUND’s student loan scheme has evolved
NELFUND’s most recent figures show how student loan disbursements have grown since the scheme began in 2024, following earlier updates on applications, upkeep payments and the administration of tuition fees.
- In March 2026, NELFUND reported that it had disbursed N206.29 billion to 1,164,222 beneficiaries, with 1,734,985 applications received at the time.
- By August 2026, total disbursements had risen to N322.69 billion. At the time, NELFUND said N192.89 billion had been paid to 319 institutions, while N129.80 billion had been released as upkeep allowances. The fund’s portal had processed 1,659,853 applications.
- In September 2026, NELFUND reported that cumulative disbursements had reached N355.87 billion, while the number of applications processed stood at about 1.66 million.
The expansion of the scheme has also come with operational challenges. In January 2026, NELFUND identified N927.98 million in unpaid upkeep allowances owed to 11,685 students, citing failed transactions, network downtime and unvalidated bank details.
- In July 2026, some beneficiaries also raised concerns over delays in receiving their upkeep allowances.
- NELFUND has also been changing how tuition payments are administered.
In July, the fund announced plans to replace direct tuition payments to tertiary institutions with a digital token-based system, which it said would give students greater control over tuition payments and help reduce cases of double payment. Nairametrics reported the planned change.
