By Hosea Parah
The Nigerian Education Loan Fund (NELFUND) has successfully distributed N375.28 billion in student loans, directly benefiting no fewer than 1,675,474 tertiary students across the country, since the launch of its student loan portal in May 2024.
The fund made this known in its Student Loan Disbursement Status Report posted on its official X account.
The latest figures highlight the programme’s expansion since the launch of its application portal, with disbursements continuing to rise as more students apply for financial support.
The report, generated on Monday, November 9, 2026, shows that the fund has paid N194.77 billion in institutional fees to 320 beneficiary institutions, while N180.51 billion has been disbursed directly to students as upkeep allowances.
This brings current total number of student loan disbursements to N375.28 billion. The N375.28 billion disbursed represents an increase of N19.41 billion, or approximately 5.5 per cent, from the N355.87 billion reported by NELFUND in its previous report in September 2026.
NELFUND reported that cumulative applications received since the scheme commenced 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 received 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 paid directly to beneficiary institutions and upkeep allowances transferred to eligible students to support their living expenses.