₦355.87bn and counting: how NELFUND is keeping students in class

Many Nigerian students know what it is like to wait on a fee deadline, a relative’s goodwill or a part-time job before they can register for the semester. The Nigerian Education Loan Fund (NELFUND) was set up to change that, and the numbers suggest it is making a difference.

As of 3 September 2026, NELFUND had disbursed ₦355.87 billion in student loans and received 1.66 million applications since its portal launched in May 2024.

Where the money goes

The disbursement comes in two parts. ₦192.89 billion has been paid directly to 319 institutions as fees, so students are not left holding cash for tuition. Another ₦162.98 billion has gone to students as upkeep, the money for food, transport and books that often decides whether a student can concentrate on studying.

1.38 million beneficiaries

By 15 April 2026, 1,388,592 students had benefited from the scheme. At the University of Ibadan alone, about 70 per cent of students benefit, according to a Guardian report.

• ₦355.87bn disbursed in total, as of 3 September 2026
• ₦192.89bn paid as fees to 319 institutions
• ₦162.98bn paid to students as upkeep
• 1.66m applications since May 2024
• ~70% of University of Ibadan students benefit

The repayment milestone

One detail matters for the scheme’s future. Graduates who are now in work have begun repaying their loans. That is how a loan fund becomes self-sustaining, with today’s graduates helping to fund the next set of students.

Part of a bigger youth agenda

President Bola Ahmed Tinubu named NELFUND as one of his administration’s flagship youth programmes when he addressed the City Boy Movement and other youth groups at the State House this week. He listed it alongside CREDICORP, the consumer credit scheme, and 3MTT, the Three Million Technical Talent programme.

The scheme has expanded quickly. For students and their parents, it has made paying for university a more manageable problem.