NELFUND Disburses Over ₦32.8 Billion in Student Loans
The Nigerian Education Loan Fund (NELFUND) has disbursed over ₦32.8 billion in student loans, benefiting 192,906 students across tertiary institutions. This was revealed in a statement released by NELFUND’s management on February 3, 2025, to address claims that over ₦104 billion had been allocated to only 600 beneficiaries.
According to the statement, the agency has received 364,042 student loan applications since the scheme was launched. So far, ₦20,074,050,000 has been disbursed for institutional fees. In addition, 169,114 students have received a monthly stipend of ₦20,000 each, totaling ₦12,818,960,000 for upkeep.
In response to the misleading reports, NELFUND clarified, “Contrary to claims that over ₦104 billion has been disbursed to 600 beneficiaries, the actual figures are as follows…” The agency reassured the public of its commitment to transparency and efficiency in managing the student loan scheme.
The statement also acknowledged President Bola Ahmed Tinubu’s support in expanding access to higher education.
“We appreciate the unwavering support of President Bola Ahmed Tinubu in making higher education accessible to all deserving Nigerian students,” NELFUND stated.
The agency promised to continue updating the public as disbursements progress, ensuring that the student loan scheme remains accessible to those in need.
