NEWS

N116.184bn Student Loan Disbursed So Far- NELFUND

The Nigerian Education Loan Fund (NELFUND) announced that as of January 1, 2025, it has disbursed N116.184 billion to support students across 176,252 beneficiary institutions nationwide.

Speaking yesterday in Abuja during a budget defense session with the National Assembly Joint Committee on Tertiary Institutions and TETFUND, chaired by Senator Dandutse Muntari (APC, Katsina South) and Hon. Gboyega Isiaka, NELFUND’s Managing Director, Akintunde Sawyer, revealed that N37.7 billion of the total disbursement was allocated to institution loans. However, he expressed concern over the agency receiving a modest N58.4 billion budget allocation for the 2025 fiscal year.

Sawyer further disclosed that 352,796 students applied for the loan, but only 108,484 were approved.

Regarding the 2025 budget, he informed the committee that the N58.4 billion allocation includes N12.2 billion for personnel costs, N24.7 billion for overhead expenses, and N21.4 billion for capital projects.

Following deliberations, the joint committee approved the agency’s budget through a voice vote.

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