The Nigerian Education Loan Fund (NELFUND) announced the disbursement of N20.08 billion to 192,906 students across 133 tertiary institutions in Nigeria as of January 1, 2025.
This significant funding aims to support students in their educational pursuits, alleviating financial burdens in the process.
The information was disclosed on Monday via the official X (formerly Twitter) account of NELFUND.
The post included detailed sheets outlining the institutions, the number of beneficiary students, and the corresponding amounts allocated to each institution.
Bayero University Kano (BUK), located in Kano State, received the highest allocation, with funding approved for 11,683 students, totaling N1,339,145,000.
Close behind was the University of Maiduguri in Borno State, which had 12,198 students approved, amounting to N1,271,428,000 in disbursements. The University of Jos in Plateau State ranked third, securing funding for 6,988 students, with a total allocation of N941,404,000.
At the lower end of the spectrum, Abia State Polytechnic received the smallest disbursement, with just N106,300 for 2 students. It was followed by Gombe State Polytechnic Bajoga and Nwafor Orizu College of Education in Nsugbe, Anambra State.
More insight
This section sheds light on the three institutions from each of the six geopolitical zones that received the most allocations in the January 1, 2025, disbursement by NELFUND.
- In the North West, Bayero University Kano (BUK) received the highest allocation, with funding approved for 11,683 students, totaling N1,339,145,000. Federal University Dutsin-Ma followed closely with an allocation of N909,476,450 for 8,978 students, while Federal University, Dutse secured N593,320,000 for 5,451 students.
- In the North East, the University of Maiduguri topped the list with an allocation of N1,271,428,000 for 12,198 students. Federal University Kashere received N544,088,500 for 4,199 students, and Modibbo Adama University in Adamawa was allocated N528,511,350 for 5,849 students.
- The North Central region saw the University of Jos receive N941,404,000 for 6,988 students, securing the highest disbursement in the zone. Federal University Lafia followed with an allocation of N419,723,446 for 3,032 students, and the University of Ilorin received N272,300,260 for 2,973 students.
- In the South West, the University of Ibadan received N746,133,650 for 4,907 students, while the University of Lagos was allocated N557,658,375 for 3,685 students. Ekiti State University secured N549,197,000 for 2,553 students.
- For the South South, the University of Uyo received the highest allocation in the region, with N433,728,200 for 5,177 students. The University of Calabar followed with N182,668,000 for its students, and Ignatius Ajuru University of Education in Rivers State received N163,036,500 for 1,353 students.
- In the South East, Ebonyi State University received N293,273,000 for 2,442 students, Alex Ekwueme Federal University Ndufu secured N274,251,000 for 1,478 students, and Michael Okpara University of Agriculture in Umudike was allocated N182,446,440 for 1,483 students.
What you should know
The revised Student Loan Act 2024 was established to remove financial barriers to education, ensuring access for all Nigerian students regardless of economic status.
- This policy is critical in today’s economic climate, where many families struggle to afford education. By promoting inclusivity, the Act ensures no student is excluded due to financial challenges.
- NELFUND’s funding comes from 1% of revenues collected by the Federal Inland Revenue Service (FIRS), Nigerian Immigration Service, and Nigerian Customs Service. Additional sources include government profits from natural resources, education bonds, endowments, and private donations.
- Loans cover tuition, fees, and living expenses, with repayment starting two years after completing the National Youth Service Corps (NYSC) program.
By October 2024, NELFUND had disbursed over N10 billion. An additional N20.08 billion was disbursed as of January 1, 2025, alone, reflecting the Fund’s growing impact nationwide.
