The Nigerian Education Loan Fund (NELFUND) has disclosed that its cumulative loan disbursements since its launch in May 2024 have reached approximately ₦375.28 billion.
The fund made this known in a post on its official X account on Monday. The latest figures highlight the programme’s continued expansion in providing financial support to Nigerian students.
According to a report by Nairametrics published on Monday, November 9, 2026, the fund has disbursed ₦194.77 billion to 320 beneficiary institutions, while ₦180.51 billion has been paid directly to students as upkeep allowances.
This brings total disbursements to ₦375.28 billion, covering 1,675,474 student loan disbursements.
The latest figure represents an increase of ₦19.41 billion, or approximately 5.5%, compared with the ₦355.87 billion reported by NELFUND in September 2026.
Applications Received
NELFUND also reported that cumulative applications received since the scheme commenced had reached 2,413,879 as of November 9, 2026.
The fund received 2,296 new applications on November 8, bringing the total number of applications submitted since the programme’s launch in 2024 to more than 2.4 million.
NELFUND’s student loan scheme was launched on May 24, 2024, to provide financial support to Nigerian students pursuing higher education in public tertiary institutions.
The scheme covers institutional fees, which are paid directly to beneficiary institutions, and upkeep allowances transferred to eligible students to support their living expenses.
NELFUND’s Student Loan Journey So Far
Since its launch, NELFUND’s student loan programme has recorded significant growth in applications and disbursements to students and tertiary institutions. However, its implementation has also brought payment delays and other operational challenges to the fore.
– In January 2026, NELFUND identified ₦927.98 million in outstanding upkeep payments owed to 11,685 students, attributing the delays to failed transactions, network downtime and unvalidated bank details.
– In March 2026, the fund disclosed that it had disbursed ₦206.29 billion to 1,164,222 beneficiaries, with total applications reaching 1,734,985.
– In July 2026, some beneficiaries raised concerns over delays in receiving their upkeep allowances, adding to questions about the timely delivery of financial support under the programme.
– Also in July, NELFUND announced plans to introduce a digital token-based payment system for tuition fees. The proposed system aims to give students greater control over tuition payments and prevent cases of double payments.
– By August 19, 2026, cumulative disbursements had risen to ₦322.69 billion. This comprised ₦192.89 billion paid to 319 tertiary institutions and ₦129.80 billion released as upkeep allowances.
– By September 3, 2026, NELFUND’s cumulative disbursements had increased further to ₦355.87 billion. The fund also reported 1,659,853 applications processed. Of the total amount, ₦192.89 billion had been paid to 319 beneficiary institutions, while ₦162.98 billion had been released as upkeep allowances.
Source: Nairametrics, Nelfund