The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N372.62 billion in student loans since launching its student loan portal. Institutional fees account for N192.89 billion, while upkeep allowances make up N179.73 billion. These figures, from October 3, 2026, show disbursements had benefited students across 319 institutions as of September 29. NELFUND processed 1,659,853 student loan applications since the scheme's commencement.
According to NELFUND's Student Loan Disbursement Report, N192,888,267,439.25 has been paid directly to beneficiary institutions as institutional fees. Additionally, N179,732,652,000 has been disbursed as upkeep allowances to students. The combined figure brings the total loan disbursement to N372,620,919,439.25. This data represents an increase in total disbursement previously reported by the Fund, reflecting continued application processing and payments under the Federal Government's student loan scheme.
The student loan programme aims to provide financial support to Nigerian students facing difficulties in meeting higher education costs. Payments cover institutional charges and direct support for students' living expenses. NELFUND's report states that its figures are cumulative from May 24, 2024, when the student loan portal launched, to the latest reporting period. The programme is part of the Federal Government's Renewed Hope Agenda to expand access to higher education by reducing financial barriers confronting students.
The breakdown of disbursements shows institutional fee payments represent slightly more than half of the total amount disbursed. Upkeep allowances account 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 states that the report captures significant milestones achieved since the student loan portal's launch, particularly disbursements made to institutions for tuition fees and direct upkeep payments to students. The Fund describes the programme as an effort to expand access to higher education by reducing financial barriers. The latest disbursement comes amid continuing efforts 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. NELFUND's 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. This development shows the programme's progress in supporting students financially.
The Nigerian Education Loan Fund's disbursement of N372.6 billion demonstrates the Federal Government's commitment to making higher education more accessible. By providing financial support to students, the government aims to reduce the financial barriers that prevent many Nigerians from pursuing tertiary education. As the programme continues to grow, it is expected to have a positive impact on the country's education sector.
Key points
- NELFUND has disbursed N372.62 billion in student loans to 319 institutions, benefiting 1.66 million students.
- Institutional fees account for N192.89 billion, while upkeep allowances make up N179.73 billion of the disbursed funds.
- The student loan programme is part of the Federal Government's efforts to expand access to higher education by reducing financial barriers confronting students.
