Federal Student Loan Scheme Surpasses N300bn as More Nigerian Students Benefit
The Nigerian Education Loan Fund (NELFUND) has increased total student loan disbursements to N303.91 billion after releasing an additional N21.71 billion between May 5 and July 3, 2026. The number of beneficiaries rose to 1.64 million students, with institutional fee payments reaching N190.06 billion and upkeep allowances climbing to N113.85 billion.
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NELFUND has disbursed a total of N303.91 billion in student loans to 1.64 million Nigerian students, following an additional N21.71 billion released between May and July 2026 for tuition and upkeep allowances.
The figures show that the number of students benefiting from the scheme increased by 48,755 over the two-month period, rising from 1.59 million on May 5 to 1.64 million as of July 3.
Data compiled by from NELFUND records indicated that institutional fee payments rose by N6.15 billion during the period, from N183.91 billion to N190.06 billion.
The fund also increased disbursements for students’ upkeep allowances by N15.56 billion, with payments climbing from N98.29 billion in early May to N113.85 billion by July 3.
Overall, total loan disbursements under the programme grew from N282.20 billion to N303.91 billion, representing an increase of N21.71 billion in less than two months.
The latest figures suggest that upkeep allowances accounted for the larger share of the additional disbursements, making up more than two-thirds of the N21.71 billion released during the review period.
NELFUND was established by the federal government to provide interest-free loans to eligible students in tertiary institutions, covering tuition fees paid directly to institutions and upkeep allowances paid to beneficiaries.
The fund has continued to expand its coverage as more students and institutions enrol in the scheme, which is designed to improve access to higher education by easing financial barriers.
The updated disbursement figures reflect the continued rollout of the programme across the country as the government seeks to increase participation among eligible students and tertiary institutions.
