NELFUND student loan disbursements reach N375.28 billion

The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N375.28 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 Monday.

The report, generated on Monday, November 9, 2026, shows that the fund has paid N194.77 billion in institutional fees to 320 beneficiary institutions, while N180.51 billion has been disbursed directly to students as upkeep allowances. The N375.28 billion disbursed represents an increase of N19.41 billion, or approximately 5.5%, from the N355.87 billion reported by NELFUND in its previous report in September 2026.

Application and Previous Figures

NELFUND reported that cumulative applications received since the scheme commenced reached 2,413,879 as of November 9, 2026. The fund received 2,296 new applications on November 8, bringing the total number of applications received since the programme launch in 2024, to more than 2.4 million. The NELFUND student loan scheme was launched on May 24, 2024, to provide financial support to Nigerian students pursuing higher education in public tertiary institutions.

The scheme covers institutional fees paid directly to beneficiary institutions and upkeep allowances transferred to eligible students to support their living expenses. The implementation of the scheme has also brought payment delays and other operational issues to the fore. By September 3, 2026, NELFUND cumulative disbursements had increased to N355.87 billion, with 1,659,853 applications processed. Of the total amount, N192.89 billion had been paid to 319 beneficiary institutions, while N162.98 billion had been released as upkeep allowances.