NELFUND student loan disbursements hit N375.28 billion
The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N375.28 billion in student loans to Nigerian students since the launch of its student loan portal in May 2024. The post NELFUND student loan disbursements hit N375.28 billion appeared first on Nairametrics .
The Nigerian Education Loan Fund (NELFUND) disbursed a total of N375.28 billion in student loans to Nigerian students since its launch in May 2024, according to its latest Student Loan Disbursement Status Report. The fund's report, posted on its official X account on Monday, November 9, 2026, reveals a 5.5% increase from the N355.87 billion disbursed in September 2026.
The N375.28 billion includes N194.77 billion paid to 320 beneficiary institutions and N180.51 billion disbursed directly to students as upkeep allowances. As of November 9, 2026, NELFUND had received 2,413,879 cumulative applications since the scheme's inception, with 2,296 new applications on November 8 bringing the total to over 2.4 million.
The student loan scheme, launched on May 24, 2024, aims to provide financial support for higher education in public tertiary institutions, covering both institutional fees and upkeep allowances. Despite the growth in applications and funds released, the implementation has faced payment delays and operational challenges. By September 3, 2026, NELFUND's cumulative disbursements had reached N355.87 billion, with 1,659,853 applications processed.
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