The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N355.87 billion in student loans since the launch of its Student Loan Portal in May 2024.
According to the latest Student Loan Disbursement Status Report released by the agency, 1,659,853 applications had been processed as of September 3, 2026.
The report shows that N192.89 billion was paid directly to 319 beneficiary institutions as tuition and other institutional fees, while N162.98 billion was disbursed to students as upkeep allowances.
NELFUND said the figures cover disbursements made between the launch of the Student Loan Portal on May 24, 2024, and September 3, 2026.
The student loan scheme was introduced by the Federal Government to reduce the financial burden of tertiary education and improve access to higher education for Nigerian students.
According to the fund, the programme forms part of President Bola Ahmed Tinubu’s Renewed Hope Agenda and is designed to support students through the payment of institutional charges and direct financial assistance for living expenses.
The latest data also highlights growing participation in the scheme, with more than 1.65 million applications processed since the portal opened.
A breakdown of the disbursements shows that institutional payments account for about 54.2 per cent of the total amount released, while upkeep allowances make up approximately 45.8 per cent.
The intervention comes as many students continue to face rising costs associated with tuition, accommodation, transportation and other educational expenses.
EduTimes Africa, a product of Education Times Africa, is a magazine publication that aims to lend its support to close the yawning gap in Africa's educational development.