The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦372.62 billion to support students’ tertiary education since the launch of its student loan portal in May 2024, with more than 1.65 million loan applications processed under the Federal Government’s scheme.
The latest figures, contained in NELFUND’s Student Loan Disbursement Report generated on October 3, 2026, showed that the funds had been disbursed to support students across 319 tertiary institutions as of September 29, 2026. (The Guardian Nigeria)
Of the total amount, ₦192.89 billion was paid directly to beneficiary institutions to cover students’ fees, while ₦179.73 billion was disbursed to students as upkeep allowances.
The two components bring the total disbursement to ₦372,620,919,439.25, representing a major expansion of the student financing programme since its introduction.
According to the report, NELFUND had processed 1,659,853 student loan applications since the portal opened on May 24, 2024. However, the number of applications processed should not be interpreted as the exact number of individual students who have received funding, as the figures do not independently establish the total number of unique beneficiaries. (The Guardian Nigeria)
The scheme was established to reduce financial barriers to higher education by providing eligible students with loans to cover institutional charges and support their living expenses while studying.
Under the programme, the government pays approved institutional fees to the relevant schools, while transferring upkeep allowances directly to students’ bank accounts.
The latest figures show that institutional fee payments account for approximately 51.8 per cent of total disbursements, while upkeep allowances represent about 48.2 per cent.
The programme has continued to attract applications from students seeking financial assistance to meet the cost of tertiary education amid rising expenses associated with tuition, accommodation, transportation, feeding and other essential needs.
In a separate intervention, NELFUND has increased support for nursing and midwifery students. Funding for the category rose from ₦59.4 million in the 2023/2024 academic session to ₦811.9 million in 2025/2026, representing an increase of approximately 14 times.
The intervention reportedly provided a total of ₦1.08 billion to 5,381 nursing and midwifery students across 21 institutions, highlighting the fund’s support for students in health-related programmes. (Nairametrics)
Meanwhile, the application window for the 2026/2027 academic session opened on September 23, 2026, with eligible students expected to submit their applications before the December 31 deadline, according to the information provided for the current application cycle.
Interested applicants can access the student loan portal through the official NELFUND website at the NELFUND Student Loan Portal.
Applicants are advised to ensure that their institutions have uploaded and verified their academic records before applying, as discrepancies in personal details may affect the verification process.
NELFUND’s student loan scheme is interest-free, and repayment is scheduled to begin two years after the completion of the National Youth Service Corps (NYSC), subject to the programme’s applicable repayment conditions. The official portal provides further information on the application process and loan terms. (NELFUND Student Loan Portal)
With total disbursements now exceeding ₦372 billion, the latest figures show the scale of federal student financing since the programme began, though the number of unique students who have received funds differs from the total number of applications processed.
