The Nigerian Education Loan Fund (NELFUND) has disbursed over N20 billion in institutional fees to tertiary institutions across the country, benefiting 192,906 students, the Fund announced on Monday.
In a statement issued by its management in Abuja, NELFUND addressed misconceptions regarding the total disbursement, clarifying that reports of N104 billion were inaccurate.
“As of February 3, 2025, NELFUND has received a total of 364,042 student loan applications. So far, the Fund has disbursed N20,074,050,000 for institutional fees, benefiting 192,906 students across various tertiary institutions,” the statement read. In addition to covering tuition fees, the Nigerian Education Loan Fund (NELFUND) has also provided financial support for students’ living expenses, 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 noted.
Reaffirming its commitment to transparency and efficiency, NELFUND assured the public that it would continue to provide accurate updates as disbursements progress.
The student loan scheme remains a flagship initiative of President Bola Tinubu’s administration in the education sector.
Shortly after his inauguration, President Bola Tinubu signed the Access to Higher Education Act, which provides a legal framework for granting loans to low-income Nigerians to cover tuition fees in tertiary institutions.
Reenacted earlier this year, the law established NELFUND as the body responsible for managing all aspects of the loan process, including applications, approvals, disbursements, and repayment.
According to the Act, the Fund is to be financed through multiple revenue streams, with additional productive initiatives explored to ensure its long-term sustainability.
