NELFUND Student Loan Disbursements Cross N300 Billion in 2026
By Muntasir • Published Aug 07, 2026 • Updated Sep 20, 2026 • African Scholarships & Student Funding, Africa Higher Ed News & Policy
NELFUND has paid out over N303 billion to Nigerian students since the scheme launched in 2024, reaching 850,000 individual beneficiaries from more than 1 million applications.
💵 Total disbursed: over N303 billion by August 2026
🎓 850,000 individual students funded, over 1 million applications received
📩 Apply online with your BVN, matric number, JAMB registration number, and date of birth
⏱️ Approval and payment run entirely digital, no agents or intermediaries needed
NELFUND crosses N300 billion in disbursements
The Nigerian Education Loan Fund (NELFUND) has disbursed more than N303 billion to students in public tertiary institutions since the scheme opened in 2024, according to Vanguard's August 2026 report . The fund has now reached 850,000 individual Nigerians, drawn from over 1 million loan applications submitted since launch.
The N300 billion mark matters because it shows the scheme moving from a pilot programme into one of Nigeria's largest social investment efforts in education. Earlier in 2026, NELFUND reported passing N206 billion disbursed to 1.16 million students, so the growth from roughly N200 billion to over N300 billion happened within months, driven by new intakes and continuing payments to returning beneficiaries.
What the money covers
NELFUND loans cover two things: institutional fees paid directly to your school, and upkeep allowances paid to you for living costs. If you already have a NELFUND loan, both components continue as long as you remain enrolled and meet the fund's conditions.
How to apply
NELFUND's Managing Director stressed the process is merit based and fully digital: you do not need a contact or agent to get funded. To apply, you need:
Your full name as it appears on official documents
Your Bank Verification Number (BVN)
Your matriculation number from your institution
Your JAMB registration number
Your date of birth
You must be enrolled in an approved government tertiary institution to qualify. Applications go through the NELFUND portal directly, and the fund has urged students in regions with lower uptake, including North Central Nigeria, to apply since funds remain available for qualified applicants.
What this means if you have not applied
The disbursement pace shows NELFUND processing new applicants continuously rather than in one fixed annual window. If you are starting or returning to a Nigerian public university, polytechnic, or college of education and have not applied, check your eligibility on the official portal before assuming funds have run out. The fund's own numbers show it added roughly N100 billion in disbursements within a matter of months in 2026, meaning new applicants are still being processed alongside returning beneficiaries.