The Nigerian Education Loan Fund (NELFUND) has disbursed N322.69 billion to students and tertiary institutions since the launch of its student loan portal in May 2024.
The latest Student Loan Disbursement Status Report, generated on August 8, 2026, showed that NELFUND had processed 1,659,853 applications under the Federal Government’s student loan scheme.
According to the report, N192.89 billion was paid as institutional fees to 319 beneficiary institutions, while N129.80 billion was disbursed to students as upkeep allowances.
The total disbursement stood at N322,690,139,439.25, comprising N192,888,267,439.25 in institutional fee payments and N129,801,872,000 in upkeep allowances.
The figures represent the cumulative disbursements recorded since the student loan portal was launched on May 24, 2024.
The student loan scheme, introduced by the Federal Government under President Bola Ahmed Tinubu, is designed to provide financial assistance to eligible students and reduce the burden of tertiary education costs on individuals and their families.
NELFUND’s latest report indicates that the scheme has continued to expand in both the number of applications processed and the value of financial support provided to students and institutions.
The Fund said the intervention is intended to improve access to higher education by providing support for institutional fees and students’ upkeep needs.
With more than 1.65 million applications processed, the latest figures highlight the growing demand for financial support among students pursuing tertiary education across the country.
