NELFUND disbursement has reached ₦372.62 billion, according to the Nigerian Education Loan Fund’s latest Student Loan Disbursement Report, generated on 3 October 2026 and covering payments up to 29 September. Of that total, ₦192.89 billion has gone to 319 institutions as tuition and other institutional charges, while ₦179.73 billion has been paid directly to students as upkeep allowances.
The fund says the figures are cumulative from 24 May 2024, when the student loan portal opened, and that 1,659,853 applications have been processed in that time. The new report arrives just over a week after the 2026/2027 application window opened, so it gives returning beneficiaries and fresh applicants a useful picture of where the money has been going.
| Total disbursed | ₦372.62 billion |
|---|---|
| Paid to institutions | ₦192.89 billion |
| Paid to students as upkeep | ₦179.73 billion |
| Institutions covered | 319 |
| Applications processed | 1,659,853 |
| Period covered | 24 May 2024 to 29 September 2026 |
Every naira added since August went to upkeep
The most telling detail sits in the split. When NELFUND’s total stood at ₦322.69 billion in August, ₦192.89 billion of it had been paid to institutions and about ₦129.8 billion to students as upkeep. Two reports later, the institutional figure hasn’t moved at all, while upkeep has climbed by roughly ₦49.9 billion, which accounts for the entire increase to ₦372.62 billion. The total also passed ₦355.87 billion in the September report along the way.
NELFUND hasn’t explained the pattern in the report itself, so it’s worth reading carefully rather than drawing big conclusions. What it does show is that the money released over the last two months reached students’ own bank accounts rather than school bursaries. That matters for students who waited through the delays in upkeep payments earlier this year, since the latest figures point to those payments flowing again.
What the flat tuition figure could mean for the new session
Institutional charges are paid to schools once applications for a session have been verified, and the 2026/2027 window only opened on 23 September. The applications figure in the new report is also close to the roughly 1.66 million reported in August, which suggests the report doesn’t yet reflect much of the new cycle. If you’ve just applied, or you’re about to, don’t expect your school’s fee payment to show up quickly, and keep in touch with your institution about how it’s treating unpaid charges while verification runs.
Fresh students should make sure their admission is fully settled first, because NELFUND relies on your school confirming that you’re its student. JAMB has given institutions more time on that front, and our report on the admission deadline extension to 30 November explains which offers it covers.
- Application window opened
- Application window closesApply early so your school has time to verify you
Dates as communicated by institutions to students. Confirm on the official NELFUND portal before you apply.
How to protect your own NELFUND application this session
Most hold-ups still happen at the verification stage, when the details on your NIN, JAMB profile and school record don’t match. Fix those before you start, apply only through the official NELFUND portal, and use the fund’s support desk for problems that sit with the portal rather than your school. Our step-by-step guide to the NELFUND 2026/2027 application lists the records to check and the portal steps in order.
Remember that this is a loan, not a grant. Repayment starts two years after NYSC and only once you’re earning, so it’s sensible to borrow what you actually need for fees and upkeep. With nearly ₦373 billion now paid out, the scheme is clearly moving money, and the next report should show whether institutional payments pick up as 2026/2027 applications are verified.
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