NELFUND Disburses N372.62 Billion in Student Loans

The Nigerian Education Loan Fund (NELFUND) has reported total disbursements of N372.62 billion in student loans since the launch of its student loan portal in May 2024. This figure was disclosed in the Student Loan Disbursement Report generated on October 3, 2026, covering disbursements up to September 29, 2026.

Of the total amount, N192.89 billion has been allocated to 319 beneficiary institutions as institutional fees. The student loan programme aims to alleviate financial burdens for Nigerian students pursuing higher education.

However, NELFUND has faced operational challenges, including identifying N927.98 million in unpaid upkeep allowances owed to 11,685 students due to failed transactions and network issues. In July 2026, NELFUND announced plans to transition to a digital token-based system for tuition payments, which is intended to enhance student control over payments and minimize instances of double payment.