The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N20,074,050,000 for institutional fees, benefiting no fewer than 192,906 students across various tertiary institutions in the country as of February 3, 2025.
The Fund dismissed reports alleging that over N104 billion has been disbursed under the Student Loan Scheme.
This was disclosed in a statement by NELFUND’s Management, led by its Managing Director, Akintunde Sawyerr
The statement revealed that the Fund has received loan applications from no fewer than 364,042 students.
“As of February 3, 2025, NELFUND has received a total of 364,042 student loan applications. So far, the Fund has disbursed a total of N20,074,050,000 for institutional fees, benefiting 192,906 students across various tertiary institutions,” they stated.
The Student Loan Scheme noted that approximately 169,114 students had benefitted from the Fund’s monthly stipends disbursement, amounting to N12,818,960,000, with each student receiving N20,000.
As of January 2025, the Education Loan Fund announced the disbursement of N20.08 billion to 192,906 students across 133 tertiary institutions in Nigeria.
2025 budget allocation for NELFUND
The Federal Government, in its proposed N49.74 trillion 2025 budget, has allocated approximately N175.13 million to NELFUND to facilitate its operations under the Student Loan Act, 2024.
- The allocation was obtained from the Federal Government’s final budget proposal, which details the breakdown of funds across various sectors.
- The budget proposal earmarks N124.08 million for the salary and wages of NELFUND employees, designated to cover payments across various government departments.
- N32.72 million is set aside for regular allowances, covering financial benefits beyond salaries.
- N12.13 million is allocated for the Contributory Pension – Employers’ Contribution, ensuring a secure post-retirement income for employees.
- N6.20 million is designated for the National Health Insurance Authority (NHIS), a scheme aimed at providing universal health coverage in Nigeria.
What you should know
NELFUND was signed into law under the current administration of President Bola Tinubu on 3 April 2024, marking a historic step towards ensuring sustainable higher education and functional skill development for Nigerian students and young people.
The primary objective is to provide financial support to qualified Nigerians for tuition, fees, and living expenses at approved tertiary and vocational institutions within Nigeria.
It is governed by a board of directors comprising representatives from relevant ministries, regulatory bodies, and participating agencies, including the Federal Ministries of Finance and Education, among others with the management team led by a managing director, Akintunde Sawyerr responsible for the day-to-day operations.
