The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N375.28 billion in student loans since its application portal went live in May 2024, according to the fund's Student Loan Disbursement Status Report published on its official X account on Monday.
The latest figure represents an increase of N19.41 billion, or approximately 5.5%, from the N355.87 billion reported in the previous report issued in September 2026.
Of the total, N194.77 billion has been paid as institutional fees to 320 beneficiary institutions, while N180.51 billion has been transferred directly to students as upkeep allowances. The cumulative disbursements cover 1,675,474 student loans.
On the application side, cumulative applications received since the scheme commenced reached 2,413,879 as of November 9, 2026. NELFUND received 2,296 new applications on November 8, bringing the total number of applications since the programme's launch above 2.4 million.
The student loan scheme was launched on May 24, 2024, to provide financial support to Nigerian students pursuing higher education in public tertiary institutions. It covers institutional fees paid directly to beneficiary institutions and upkeep allowances transferred to eligible students to support living expenses.
NELFUND's disbursement figures have grown steadily since the programme began:
- In March 2026, the fund disclosed 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, comprising N192.89 billion paid to 319 tertiary institutions and N129.80 billion released as upkeep allowances. - By September 3, 2026, disbursements had increased to N355.87 billion, with 1,659,853 applications processed. Of that amount, N192.89 billion went to 319 institutions and N162.98 billion was released as upkeep.
Despite the growth in funding, the scheme has faced challenges in delivering payments. In January 2026, NELFUND identified N927.98 million in outstanding 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 upkeep allowances.
