NELFUND Report: ₦372.6B Disbursed to Students, Institutions

By Divine Wariboko

The Nigerian Education Loan Fund (NELFUND) has distributed a total of N372.62 billion, to support undergraduate students across tertiary institutions nationwide since launching its student loan portal in May 2024.

According to NELFUND’s Student Loan Disbursement Report generated on October 3, 2026, total disbursements to support students across 319 tertiary institutions as of September 29, 2026 stood at N372,620,919,439.25.

It noted that of this amount, N192.89 billion was paid directly to beneficiary institutions to cover tuition and institutional charges, while N179.73 billion was transferred directly into students’ bank accounts as upkeep allowances.

It also said institutional fee payments account for approximately 51.8 per cent of total disbursements, with upkeep allowances making up the remaining 48.2 per cent.

The report noted a total of N1,659,853 processed student loan applications since the portal opened on May 24, 2024.

However, NELFUND clarified that the number of applications processed does not independently establish the total number of unique beneficiaries, adding that the number of applications processed should not be interpreted as the exact number of individual students who have received funding.

NELFUND said it significantly expanded its funding for nursing and midwifery students, stressing that alllocation for the category rose nearly 14-fold from N59.4 million in the 2023/2024 academic session to N811.9 million in 2025/2026, providing a cumulative N1.08 billion to 5,381 students across 21 health institutions.

However, NELFUND have opened application portal for the 2026/2027 academic on September 23, 2026.

The body have advised all eligible students seeking financial assistance for the ongoing cycle to submit their applications on the official NELFUND portal before the December 31 deadline.

Applicants are advised to confirm that their respective institutions have uploaded and verified their academic records prior to submission, as personal detail discrepancies can disrupt the verification process.