The Nigerian Education Loan Fund (NELFUND) has disbursed N375.28 billion to students and tertiary institutions since the launch of its student loan programme in May 2024, as applications for financial support continue to increase. The latest figures were contained in the fund’s Student Loan Disbursement Status Report published on its official X account on Monday, November 9, 2026.
According to the report, N194.77 billion has been paid directly to 320 beneficiary institutions to cover students’ tuition fees, while N180.51 billion has been released to students as upkeep allowances. The combined disbursement represents funding for 1,675,474 student loans since the programme began. The latest amount marks an increase of N19.41 billion, representing approximately 5.5 percent, compared with the N355.87 billion recorded in September 2026.
The report also showed that applications for the scheme have continued to grow, reaching 2,413,879 as of November 9, 2026. NELFUND received an additional 2,296 applications on November 8, bringing the cumulative number of requests submitted since the programme started to more than 2.4 million.
The student loan scheme was introduced on May 24, 2024, to help Nigerians in public tertiary institutions finance their education without facing immediate financial pressure from tuition payments and other living expenses. Under the arrangement, the fund covers approved institutional fees through direct payments to beneficiary schools, while eligible students receive upkeep allowances to support their daily expenses.
Since its introduction, the programme has recorded significant growth in both applications and financial disbursements. In March 2026, NELFUND reported that it had released N206.29 billion to 1,164,222 beneficiaries, with total applications standing at 1,734,985.
By August 19, 2026, cumulative disbursements had increased to N322.69 billion. The amount comprised N192.89 billion paid to 319 tertiary institutions and N129.80 billion released as upkeep allowances. The fund subsequently reported total disbursements of N355.87 billion by September 3, 2026, covering 1,659,853 student loans.
However, the expansion of the programme has not been without operational challenges, particularly concerning delays in the payment of upkeep allowances. In January 2026, NELFUND disclosed that N927.98 million in outstanding allowances was owed to 11,685 students. The fund attributed the delays to failed transactions, network disruptions and incorrect or unvalidated bank details.
Some beneficiaries also raised concerns in July 2026 over difficulties receiving their upkeep payments, renewing questions about the efficiency of the disbursement process. In response to some of these challenges, NELFUND announced plans in July to introduce a digital token based payment system for tuition fees. The proposed arrangement is intended to give students greater control over fee payments and prevent situations where institutions receive duplicate payments.
The latest figures suggest that the student loan programme is expanding its reach, although the increasing number of applications also places greater responsibility on the fund to ensure timely payments and effective management of the scheme.
