Bold Summary: The Nigerian Education Loan Fund (NELFUND) has disbursed ₦161.97 billion to 864,798 students across 263 public tertiary institutions since its launch in July 2024. Of this, ₦89.94 billion went directly to institutions for tuition and charges, while ₦72.03 billion was paid as upkeep allowances to students. The scheme has received over 1.36 million applications nationwide.
NELFUND Disbursement Update (January 2026)
Key Figures
- Total disbursed: ₦161.97 billion
- Beneficiaries: 864,798 students
- Institutions covered: 263 public tertiary institutions
- Applications received: 1,361,011 nationwide
- Breakdown:
- ₦89.94 billion → tuition & institutional charges
- ₦72.03 billion → upkeep allowances
Purpose of the Scheme
- Part of President Bola Tinubu’s Renewed Hope Agenda to ensure no Nigerian student is denied education due to financial constraints.
- Provides interest‑free loans to students in public tertiary institutions.
- Designed to cover both academic fees and living expenses.
Challenges & Outstanding Payments
- 11,685 students still awaiting payments worth ₦927.98 million due to technical issues (network downtime, failed transactions, invalid bank details).
- NELFUND has approved a focused reconciliation process to resolve these cases quickly.
Timeline & Progress
- Portal launched: July 17, 2024
- Disbursement period: 500 days to January 2026
- Impact: Expanded access to tertiary education, reducing dropout risks due to financial hardship.
What This Means for Students
- Beneficiaries: Students in Nigerian public universities, polytechnics, and colleges of education.
- Support: Covers tuition directly to institutions + upkeep allowances to students.
- Next steps: Students with pending payments should verify bank details with NELFUND offices.
Why It Matters
This disbursement marks a major milestone in Nigeria’s student loan program, showing strong government commitment to education financing. For Nigerian students, especially those from low‑income families, it provides relief from financial pressure and ensures continuity in higher education.