The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N372.62 billion in student loans since the launch of its student loan portal, with institutional fees accounting for N192.89 billion and upkeep allowances N179.73 billion.
The latest figures contained in NELFUND’s Student Loan Disbursement Report, generated on October 3, 2026, showed that the disbursements had benefited students across 319 institutions as of September 29.
According to the report, NELFUND had processed 1,659,853 student loan applications since the commencement of the scheme.
The Fund said N192,888,267,439.25 had been paid directly to beneficiary institutions as institutional fees, while N179,732,652,000 had been disbursed as upkeep allowances to students.
The combined figure brings the total loan disbursement to N372,620,919,439.25.
The latest data represents an increase in the total disbursement previously reported by the Fund, reflecting the continued processing of applications and payments under the Federal Government’s student loan scheme.
The student loan programme was designed to provide financial support to Nigerian students facing difficulties in meeting the cost of higher education, with payments covering institutional charges and direct support for students’ living expenses.
The NELFUND report stated that its figures were cumulative from May 24, 2024, when the student loan portal was launched, to the latest reporting period.
The breakdown showed that institutional fee payments represented slightly more than half of the total amount disbursed, while upkeep allowances accounted for almost half of the funds released under the programme.
With 1.66 million applications processed, the latest figures highlight the scale of demand for the Federal Government-backed financing programme among students in tertiary institutions.
The agency said the report was intended to capture significant milestones achieved since the launch of the student loan portal, particularly disbursements made to institutions for tuition fees and direct upkeep payments to students.
The Fund described the programme as part of the Federal Government‘s efforts under the Renewed Hope Agenda to expand access to higher education by reducing financial barriers confronting students.
The latest disbursement also comes amid continuing efforts by the government to institutionalise student financing as an alternative source of support for Nigerians seeking tertiary education.
Under the arrangement, institutional fees are paid to beneficiary institutions, while approved upkeep allowances are transferred to eligible students.
The NELFUND figures indicate that the scheme has moved beyond the initial stage of application processing to large-scale financial disbursement, with hundreds of billions of naira now committed to students’ educational and living expenses.
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.
