NELFUND Disburses N116.2bn in Student Loans, Gets N58.4bn Budget Approval

• NELFUND has disbursed N116.184 billion in student loans to 176,252 beneficiary institutions across the country as of January 1, 2025.

• Akintunde Sawyer disclosed that out of the disbursed amount, N37.7 billion was spent on institutional loans.

• The National Assembly Joint Committee on Tertiary Institutions and TETFUND has approved NELFUND’s 2025 budget proposal of N58.4 billion.

The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N116.184 billion in student loans to 176,252 beneficiary institutions across the country as of January 1, 2025.

NELFUND Managing Director Akintunde Sawyer disclosed this information during a budget defense session before the National Assembly Joint Committee on Tertiary Institutions and TETFUND.

According to Sawyer, out of the disbursed amount, N37.7 billion was spent on institutional loans, while 108,484 students were granted loans out of 352,796 applicants.

“Out of the N58.4 billion budgetary proposal for 2025, N12.2 billion is earmarked for personnel cost, N24.7 billion for overhead cost, and N21.4 billion for capital expenditure,” Sawyer explained.

The National Assembly Joint Committee on Tertiary Institutions and TETFUND has approved NELFUND’s 2025 budget proposal of N58.4 billion.

READ ALSO: NELFUND Lists Requirements to Apply For Students Loan

Senator Muntari Dandutse, chairman of the joint committee, emphasized the need for transparency in the agency’s spending.

“We will examine NELFUND’s financial plan for the upcoming fiscal year to evaluate its alignment with national educational goals and its capacity to meet the growing demands for student loans,” Dandutse said.

NELFUND Disburses N2bn to 6 Institutions

The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of N2,026,163,340 to six institutions as institutional fees.

NELFUND released the list of beneficiary institutions on its official social media handle on Saturday.

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