NELFUND Disburses N355.87 billion in Student Loans, Processes 1.66 million Applications

The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N355.87 billion in student loans to Nigerian students since the launch of its student loan portal in May 2024.

The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N355.87 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 Status Report posted on its official X account on Thursday.

The latest update offers a fresh look at the scale of the programme since the launch of its application portal, as the fund continues to process applications, support students and institutions, and refine how the scheme operates.

What NELFUND is saying

According to NELFUND’s Student Loan Disbursement Status Report generated on September 3, 2026, the fund has processed 1,659,853 student loan applications since the portal was launched.

• The fund disclosed that N192.89 billion has been paid to 319 beneficiary institutions for institutional fees, while N162.98 billion has been disbursed directly to students as upkeep allowances.

This brings total student loan disbursements to N355.87 billion as of September 3, 2026.

• NELFUND said the figures cover disbursements made from the launch of the Student Loan Portal on May 24, 2024, to date.

The report forms part of NELFUND’s ongoing tracking of the student loan programme, which is intended to provide financial support for tuition and students’ living expenses while reducing financial barriers to higher education.

Get up to speed

The latest figures show how the Federal Government’s student loan scheme has expanded since its launch in May 2024, with NELFUND progressively increasing disbursements while addressing operational challenges around the programme.

• 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 19, 2026, Nairametrics reported that NELFUND had disbursed N322.69 billion, while its portal had processed 1,659,853 applications. At the time, N192.89 billion had been paid to 319 institutions and N129.80 billion released as upkeep allowances.
• The scheme has also faced implementation challenges. In January 2026, NELFUND identified N927.98 million in unpaid upkeep allowances owed to 11,685 students, attributing the arrears to failed transactions, network downtime and unvalidated bank details.
• In July, Nairametrics also reported that some beneficiaries had raised concerns over delays in receiving their upkeep allowances, highlighting the operational difficulties that have accompanied the expansion of the programme.

NELFUND has since moved to address issues surrounding tuition payments. The fund announced plans, in July, to replace its direct payment of tuition fees to tertiary institutions with a digital token-based system designed to give students greater control over tuition payments and reduce cases of double payment.

What you should know

The student loan programme is part of a broader Federal Government push to improve access to and funding for tertiary education amid persistent infrastructure and affordability challenges across Nigeria’s higher education system.

In July, Nairametrics reported that the Federal Government said it had invested more than N1 trillion in tertiary education over two years, with the funding targeted at improving infrastructure, expanding institutional capacity and removing financial barriers to higher education.

The investment included N250 billion for new hostels, more than N150 billion for the rehabilitation of hostels, classrooms, engineering workshops and other academic facilities, as well as over N130 billion for medical school rehabilitation.