The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N355.87 billion in student loans since the launch of its Student Loan Portal in May 2024, with applications reaching 1,659,853 as of September 3, 2026.
According to the latest NELFUND Student Loan Disbursement Status Report released on Thursday, N192.89 billion has been paid to 319 beneficiary institutions as institutional fees, while N162.98 billion has been provided to students as upkeep allowances.
The figures represent the latest milestone in the Federal Government’s student loan programme, introduced to ease the financial burden of tertiary education and improve access to higher education.
Institutional Fees Account for 54.2% of Disbursements
Of the total N355.87 billion disbursed, institutional payments account for approximately 54.2 per cent, while upkeep allowances represent about 45.8 per cent.
The institutional payments are designed to support students by covering eligible fees payable to their respective tertiary institutions, while the upkeep component provides direct financial assistance to students for living and other education-related expenses.
NELFUND said the latest report covers disbursements made from the launch of the Student Loan Portal on May 24, 2024, to September 3, 2026.
Applications Exceed 1.65 Million
The programme has continued to attract significant demand, with nearly 1.66 million applications processed since its introduction.
The growing number of applications highlights the financial pressures facing students and families as the cost of tertiary education, accommodation, transportation and other education-related expenses continues to rise.
Programme Linked to Renewed Hope Agenda
NELFUND described the student loan programme as a major component of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The initiative is aimed at providing financial support to Nigerian students through institutional fee payments and upkeep assistance, with the broader objective of expanding access to tertiary education.
With more than N355 billion already disbursed, the programme has emerged as a significant intervention in addressing the financial barriers confronting students pursuing higher education across Nigeria.
