The Nigerian Education Loan Fund (NELFUND), has disbursed a total of N355.87 billion in student loans since the launch of its Student Loan Portal in May 2024, with 1,659,853 applications processed as of September 3, 2026.

According to the latest NELFUND Student Loan Disbursement Status Report, released on Thursday, N192.89 billion has been paid to 319 beneficiary institutions as institutional fees, while N162.98 billion has been disbursed as upkeep allowances to students.

The figures represent the latest milestone in the Federal Government’s student loan programme, which was introduced to ease the financial burden of tertiary education and expand access to higher education.

The agency said the report captures disbursements made from the launch of the Student Loan Portal on May 24, 2024, to September 3, 2026.

The fund described the programme as a major component of President Bola Ahmed Tinubu’s Renewed Hope Agenda, aimed at supporting Nigerian students by covering institutional fees and providing direct financial assistance for upkeep.

The latest figures also show that the programme has continued to attract significant demand, with more than 1.65 million applications processed since its launch.

Of the total amount disbursed, institutional payments account for about 54.2 per cent, while upkeep allowances represent approximately 45.8 per cent.

NELFUND’s intervention comes amid persistent concerns over the rising cost of tertiary education, accommodation, transportation and other expenses confronting students across the country.