Nigeria: NELFUND exceeds 355 billion nairas with 1.66 million applications
The Nigerian Education Loan Fund (NELFUND) has processed 1.66 million applications since the launch of the portal in May 2024 and disbursed 355.87 billion nairas in student loans. The fund now says it is facing demand exceeding forecasts.
In Nigeria, the Nigerian Education Loan Fund (NELFUND) has processed 1,659,853 applications and disbursed 355.87 billion nairas since the opening of its student loan portal in May 2024, according to its latest disbursement report as of September 3, 2026.
Of this total, 192.89 billion nairas were allocated for institutional fees to 319 institutions, while 162.98 billion were used for maintenance allowances intended for beneficiary students.
The scaling up of the mechanism now exceeds initial forecasts. The Director General of NELFUND, Akintunde Sawyerr, stated on September 7 that the fund was analyzing the volume of applications and disbursements in order to assess the resources needed to accommodate the increasing demand.
The student loan program launched under the presidency of Bola Tinubu provides interest-free financing to eligible students from public institutions. It covers fees approved by the institutions and may also include an allowance for living expenses.
Repayment does not begin immediately after studies. The scheme provides for a grace period linked to the completion of the National Youth Service Corps (NYSC), before entering the repayment phase.
The new scale reached by NELFUND now places the sustainability of the mechanism at the heart of the issues, as the first cohorts gradually approach the period when repayments will have to begin.
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