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 latest figures highlight the programme’s expansion since the launch of its application portal, with disbursements continuing to rise as more students apply for financial support.
Disbursement summary
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.
- This brings current total number of student loan disbursements to N375.28 billion.
- The report also shows that cumulative disbursement covers 1,675,474 student loans.
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.
Applications received
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’s launch in 2024, to more than 2.4 million.
NELFUND’s 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.
NELFUND’s student loan journey so far
Since its launch, NELFUND’s student loan programme has expanded in terms of applications and funds released to students and tertiary institutions. However, the implementation of the scheme has also brought payment delays and other operational issues to the fore.
- In March 2026, NELFUND disclosed that it had disbursed N206.29 billion to 1,164,222 beneficiaries, with total applications reaching 1,734,985.
- By August 19, 2026, cumulative disbursements had risen to N322.69 billion. This comprised N192.89 billion paid to 319 tertiary institutions and N129.80 billion released as upkeep allowances.
- Despite the growth in funding, the scheme has faced challenges in delivering payments to students. In January 2026, NELFUND identified N927.98 million in outstanding upkeep allowances owed to 11,685 students, blaming failed transactions, network downtime and unvalidated bank details.
- In July 2026, some beneficiaries also raised concerns over delays in receiving their upkeep allowances, adding to concerns about the timely delivery of financial support under the programme.
- The fund has also explored changes to how tuition fees are paid. In July, NELFUND announced plans to introduce a digital token-based payment system to replace direct payments to tertiary institutions, with the aim of giving students greater control over tuition payments and preventing double payments.
By September 3, 2026, NELFUND’s 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.
