The Nigerian Education Loan Fund NELFUND has disbursed N372.6 billion to students and tertiary institutions under the Federal Government’s student loan programme.

The latest figure represents funds provided through institutional fee payments and upkeep allowances to students benefiting from the scheme.

The programme, launched through the NELFUND Student Loan Portal in May 2024, is designed to reduce financial barriers to tertiary education by supporting students with institutional fees and living expenses.

According to NELFUND’s latest available disbursement figures, N192.89 billion had been paid to 319 beneficiary institutions as institutional fees, while N162.98 billion had been provided to students as upkeep allowances.

The Fund had also processed 1,659,853 student loan applications as of Sept. 3, 2026, reflecting continued demand for financial assistance among students across the country.

The institutional component covers tuition and other approved charges payable to participating tertiary institutions, while upkeep allowances are paid directly to eligible students to support expenses associated with their education.

The scheme covers students in universities, polytechnics and colleges of education, with NELFUND continuing to process applications and disburse approved funds in batches.

The Fund’s intervention comes amid rising costs associated with tertiary education, accommodation, transportation, feeding and other expenses faced by students and their families.

Recent disbursements have included payments to individual institutions. On Oct. 3, NELFUND was reported to have paid N7.79 million to cover the fees of 26 students of the State University of Medical and Applied Sciences, Igbo-Eno, Enugu State.

NELFUND said the student loan programme was established to expand access to higher education by ensuring that lack of immediate financial resources does not prevent eligible Nigerians from pursuing tertiary education.

The Fund has continued to expand the programme since the launch of its portal, with applications and disbursements covering students across hundreds of institutions nationwide.