The Nigerian Education Loan Fund (NELFUND) announced on Monday that it has disbursed over N20 billion in institutional fees to tertiary institutions nationwide, benefiting 192,906 students.
In a statement issued in Abuja, NELFUND clarified misconceptions regarding the total disbursed amount, stating that reports claiming N104 billion were incorrect.
“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,” the statement read.
Beyond tuition fees, the Fund has also provided financial support for students’ upkeep, disbursing over N12 billion in stipends.
“NELFUND has disbursed N12,818,960,000 to 169,114 students, each receiving a monthly stipend of N20,000,” the statement added.
NELFUND reaffirmed its dedication to transparency and efficiency, assuring the public of continued accurate updates as disbursements progress.
The student loan scheme remains a key initiative of President Bola Tinubu’s administration in the education sector. Shortly after taking office, Tinubu signed the Access to Higher Education Act, establishing a legal framework for granting loans to low-income Nigerians to cover tertiary tuition fees.
Reenacted earlier this year, the law designates NELFUND as the body responsible for managing the loan process, including applications, approvals, disbursements, and recoveries.
As outlined in the Act, the Fund is supported by multiple revenue streams, with additional productive activities being explored to ensure its sustainability.
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