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 disclosed that N192.89 billion has been paid to 319 beneficiary institutions as institutional fees under the student loan programme.
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.
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.
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, 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.
