The Nigerian Education Loan Fund (NELFUND) has disbursed a total of ₦161.97 billion under the Federal Government’s student loan scheme since the launch of its loan portal on May 24, 2024, official data has revealed.
According to NELFUND’s Daily Status Report, generated on January 12, 2026, at 10:56 a.m., the fund has received 1,361,011 applications from inception, out of which 864,798 students have so far benefited from the loan scheme.
The report showed a 0.3 per cent increase in new applications compared to the previous day, representing 3,793 additional applications, indicating sustained interest in the programme by Nigerian students.
A breakdown of disbursements as of December 29, 2025, revealed that ₦89.94 billion was paid as institutional fees to tertiary institutions on behalf of students, while ₦72.03 billion was disbursed as upkeep allowances to beneficiaries. This brought the total loan disbursement to ₦161,968,453,617, benefiting 263 institutions nationwide.
NELFUND stated that the disbursements reflect significant milestones achieved since the launch of the student loan portal, particularly in easing the financial burden on students and improving access to tertiary education.
The scheme is a key component of President Bola Ahmed Tinubu’s Renewed Hope Agenda and is aimed at ensuring that no eligible Nigerian student is denied higher education due to financial constraints.
The fund reaffirmed its commitment to transparency, efficiency, and continuous improvement in delivering student financial support, noting that regular updates would be provided through official channels as the programme progresses.
