The Nigerian Education Loan Fund (NELFUND) has disbursed more than ₦303.9 billion under the Federal Government’s student loan programme, with the number of beneficiaries rising to approximately 1.64 million students across the country.
The latest figures, covering the period between May 5 and July 3, 2026, show that the scheme continues to expand as more students and tertiary institutions participate in the programme.
Within the two-month period alone, NELFUND released an additional ₦21.71 billion in tuition payments and upkeep allowances, highlighting the continued implementation of one of Nigeria’s largest education financing initiatives.
The updated figures reflect the Federal Government’s ongoing efforts to reduce financial barriers to higher education by providing eligible students with interest-free loans for tuition and living expenses.
NELFUND Disburses Additional ₦21.71 Billion
According to the latest programme data, total loan disbursements increased from ₦282.20 billion recorded on May 5, 2026, to ₦303.91 billion as of July 3, 2026.
This represents an increase of ₦21.71 billion in less than two months.
The steady rise in disbursement reflects the growing number of approved applications as more eligible students complete the registration and verification process.
It also demonstrates the government’s continued investment in expanding access to higher education through financial support.
Number of Beneficiaries Continues to Grow
The latest figures show a significant increase in the number of students benefiting from the programme.
Between May and early July, beneficiary numbers rose from approximately 1.59 million to 1.64 million, representing an additional 48,755 students receiving financial assistance.
The increase indicates that more students are successfully accessing the programme as awareness grows and additional institutions participate in the initiative.
For many beneficiaries, the student loan has helped reduce the financial pressure associated with tuition fees and other educational expenses.
Tuition Fee Payments Reach ₦190 Billion
NELFUND’s tuition fee payments also recorded steady growth during the review period.
The amount paid directly to tertiary institutions increased from ₦183.91 billion to ₦190.06 billion, representing an additional ₦6.15 billion in tuition support.
Under the programme, tuition fees are paid directly to approved institutions rather than to students.
This payment model is intended to ensure that loan funds are used strictly for educational purposes while reducing the possibility of fund diversion.
By paying institutions directly, the scheme also helps simplify tuition settlement for eligible beneficiaries.
Upkeep Allowances Record the Largest Increase
While tuition payments continued to rise, the largest share of the additional disbursement went toward students’ upkeep allowances.
NELFUND increased upkeep payments from ₦98.29 billion in early May to ₦113.85 billion by July 3, 2026.
This represents an increase of ₦15.56 billion, accounting for more than two-thirds of the additional funds released during the reporting period.
The upkeep allowance is designed to help students cover day-to-day academic and living expenses while pursuing their studies.
Many beneficiaries rely on this support to offset transportation costs, learning materials, accommodation, feeding, and other essential expenses.
Breakdown of NELFUND Disbursement
The latest figures highlight the continued growth of the programme across different areas.
| Category | May 5, 2026 | July 3, 2026 | Increase |
|---|---|---|---|
| Tuition Payments | ₦183.91 Billion | ₦190.06 Billion | ₦6.15 Billion |
| Upkeep Allowances | ₦98.29 Billion | ₦113.85 Billion | ₦15.56 Billion |
| Total Disbursement | ₦282.20 Billion | ₦303.91 Billion | ₦21.71 Billion |
| Beneficiaries | 1.59 Million | 1.64 Million | 48,755 Students |
The figures show that upkeep support accounted for the largest share of the additional funds released during the period.
How the NELFUND Student Loan Scheme Works
NELFUND was established by the Federal Government to improve access to higher education by providing interest-free financial support to eligible students studying in approved tertiary institutions.
The programme covers two major areas:
Tuition Fees
Approved tuition fees are paid directly to the student’s institution.
Upkeep Allowance
Eligible students also receive financial support to help with daily academic and living expenses.
Unlike conventional commercial loans, the NELFUND scheme is designed to reduce financial hardship while enabling students to complete their education.
Why the Rising Disbursement Matters
The continued increase in loan disbursement demonstrates that more students are taking advantage of the programme.
For many families, rising tuition fees and the increasing cost of living have made higher education more difficult to finance.
By providing tuition support and upkeep allowances, the student loan scheme helps reduce these financial pressures and enables students to remain focused on their academic programmes.
The latest figures also indicate that the programme is expanding its reach as additional institutions and beneficiaries join the initiative.
What Students Should Know
Students who have already applied are encouraged to monitor the status of their applications through the official NELFUND portal and ensure that all submitted information remains accurate.
Applicants whose loans have been approved should also verify that their institutions have received tuition payments and report any discrepancies through the appropriate official channels.
Prospective applicants who have not yet submitted their applications should check the latest eligibility requirements and application updates before completing the registration process.
The latest NELFUND figures show that the Federal Government’s student loan programme continues to grow, with total disbursements now exceeding ₦303.9 billion and approximately 1.64 million Nigerian students benefiting from tuition support and upkeep allowances.
The release of an additional ₦21.71 billion within just two months underscores the government’s continued commitment to expanding access to higher education and easing the financial burden on students.
As more institutions and beneficiaries join the programme, the student loan scheme is expected to play an even greater role in supporting tertiary education across Nigeria.
Students are encouraged to stay informed through official NELFUND announcements and ensure they meet all eligibility requirements if they intend to benefit from the scheme
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