NELFUND Student Loan Disbursements Hit N372.62bn
By Aboki Forex —
The Nigerian Education Loan Fund (NELFUND) has disbursed N372.62 billion in student loans since its Student Loan Portal launched in May 2024. The fund's Student Loan Disbursement Report, generated on October 3, 2026 and covering disbursements up to September 29, 2026, shows N192.89 billion paid as institutional fees and N179.73 billion paid directly to students as upkeep allowances.
The fees went to 319 beneficiary institutions. The upkeep allowances were paid directly to students. Together, they make up the N372.62 billion total as of October 3. NELFUND has also processed 1,659,853 applications since the portal was launched.
How disbursements have grown
In March 2026, NELFUND reported N206.29 billion disbursed to 1,164,222 beneficiaries. At that time, it had received 1,734,985 applications.
By August 2026, total disbursements had risen to N322.69 billion. NELFUND said N192.89 billion had been paid to 319 institutions, while N129.80 billion had been released as upkeep allowances. The portal had processed 1,659,853 applications.
In September 2026, cumulative disbursements reached N355.87 billion. The number of applications processed stood at about 1.66 million.
Payment delays and unpaid allowances
The expansion has come with operational problems. In January 2026, NELFUND identified N927.98 million in unpaid upkeep allowances owed to 11,685 students. It cited failed transactions, network downtime and unvalidated bank details.
In July 2026, some beneficiaries raised concerns over delays in receiving their upkeep allowances.
Shift to digital token payments
NELFUND has also been changing how tuition payments are administered. In July, the fund announced plans to replace direct tuition payments to tertiary institutions with a digital token-based system. It said the system would give students greater control over tuition payments and help reduce cases of double payment. Nairametrics reported the planned change.
What it means
The figures show the scheme is now one of the Federal Government's main channels of support for higher education. The money goes to institutions for fees and to students for living costs. That eases the financial burden on students and their families. For institutions, the payments represent a steady flow of tuition funds. For students, the upkeep allowance remains the part most exposed to delays and failed transactions.