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 incorrect reports regarding the total amount disbursed, clarifying that claims of N104 billion were not accurate. As of February 3, 2025, NELFUND has received 364,042 student loan applications. The total disbursement for institutional fees stands at N20,074,050,000, supporting 192,906 students across various tertiary institutions.
In addition to tuition fees, the Fund has also provided financial support for students’ upkeep, disbursing more than N12 billion in stipends. “NELFUND has distributed N12,818,960,000 to 169,114 students, with each receiving a monthly stipend of N20,000,” the statement added.
Reaffirming its commitment to transparency and efficiency, NELFUND assured the public that it will continue to provide accurate updates as further disbursements are made.
The student loan scheme is a key initiative of President Bola Tinubu’s administration in the education sector. Shortly after his inauguration, President Tinubu signed the Access to Higher Education Act, which established a legal framework for providing loans to low-income Nigerians to cover their tertiary education fees. Re-enacted earlier this year, the law created NELFUND as the body responsible for managing the loan process, including applications, disbursements, and recovery.
Under the Act, the Fund is to be financed through various revenue streams, and additional productive activities will be explored to ensure its long-term sustainability.
