The Nigerian Education Loan Fund (NELFUND) has released N180.51 billion directly to students as upkeep allowances since the launch of its student loan scheme in May 2024, while another N194.77 billion has gone towards institutional fees.
The payments bring the fund’s cumulative student loan disbursements to N375.28 billion, according to its latest Student Loan Disbursement Status Report published on its official X account on Monday, November 9, 2026.
For students, the figures represent two forms of financial support: payments made to their institutions to cover approved school fees and money transferred to eligible beneficiaries to help with expenses while studying.
The total disbursed has increased by N19.41 billion, or about 5.5%, from the N355.87 billion reported in September 2026. The latest report also records 1,675,474 cumulative student loan disbursements across the programme.
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How many students are benefiting from NELFUND?
Of the N375.28 billion released so far, N194.77 billion has been paid to 320 beneficiary institutions to cover students’ institutional fees. The remaining N180.51 billion has been disbursed as upkeep allowances directly to students.
The upkeep component is particularly important because students still have living expenses to meet after their school fees are covered. The allowance is intended to help with costs such as feeding, transportation and other day-to-day needs.
NELFUND also reported receiving 2,413,879 applications since the scheme began, including 2,296 new applications on November 8.
However, the 2.4 million applications should not be interpreted as 2.4 million students who have received loans. Similarly, the report’s figure of 1,675,474 refers to cumulative student loan disbursements; it does not, on its own, establish how many unique individuals have benefited. A student may have more than one loan record over different academic sessions.
The scheme was launched on May 24, 2024, to provide interest-free loans to eligible students in public tertiary institutions. Under the arrangement, approved institutional fees are paid to schools, while upkeep allowances are transferred to students.
From N206bn to N375bn: the scheme’s growth and payment challenges
NELFUND’s latest figures show how far the programme has expanded since its launch. In March 2026, the fund reported disbursing N206.29 billion, with 1,164,222 beneficiaries recorded and 1,734,985 applications received.
By August 19, 2026, cumulative disbursements had risen to N322.69 billion. At the time, N192.89 billion had been paid to 319 tertiary institutions, while N129.80 billion had gone to students as upkeep allowances.
The September 3 report put total disbursements at N355.87 billion, comprising N192.89 billion in institutional fees and N162.98 billion in upkeep payments. The latest update shows that institutional payments have since increased to N194.77 billion, while upkeep disbursements have risen to N180.51 billion.
But the growth in the amount released has not removed concerns about payment delays. In January 2026, NELFUND identified N927.98 million in outstanding upkeep allowances owed to 11,685 students. It attributed the unpaid payments to failed transactions, network downtime and unvalidated bank details.
Some beneficiaries also raised concerns in July over delays in receiving their upkeep allowances, highlighting the difficulties students can face when they depend on the money to meet their living expenses.
NELFUND has also announced plans to change how institutional fees are paid through a digital token-based system. The proposed arrangement is intended to give students greater control over tuition payments and reduce cases of double payment.
With total disbursements now at N375.28 billion and applications exceeding 2.4 million, the scheme has reached a significant scale. But the amount released is only part of the picture. How quickly payments reach students, how effectively failed transactions are resolved and how many applicants ultimately receive support will also matter in assessing the programme’s impact on access to higher education.
