The Nigerian Education Loan Fund (NELFUND) has announced that it has disbursed over ₦20 billion in institutional fees to support tertiary education, benefiting a total of 192,906 students across the nation. This update was shared in a statement from NELFUND’s management on Monday, February 3, 2025, in Abuja. The Fund clarified that previous reports claiming it had disbursed ₦104 billion were incorrect.
As of the latest figures, NELFUND has received 364,042 applications for student loans. The total amount disbursed for institutional fees stands at ₦20,074,050,000. Additionally, NELFUND has provided more than ₦12 billion in stipends to assist students with their living expenses, with 169,114 students receiving monthly payments of ₦20,000.
NELFUND emphasized its commitment to transparency and efficiency in managing the student loan scheme. This initiative is a key component of President Bola Tinubu’s administration aimed at enhancing access to higher education for deserving Nigerian students. Following his inauguration, President Tinubu enacted the Access to Higher Education Act, which establishes a legal framework for providing loans to low-income students.
The Act also designates NELFUND as the entity responsible for overseeing all aspects of the loan process, including applications and disbursements. To ensure sustainability, the Fund is expected to be financed through multiple revenue streams and will explore additional productive activities.
