NELFUND disburses N116.18bn in loans to students and institutions nationwide

DDM News

The Nigerian Education Loan Fund (NELFUND) has announced that it disbursed a total of N116.18 billion as loans to support students and institutions across the country as of January 1, 2025.

Diaspora digital media (DDM) gathered that this initiative, launched by President Bola Tinubu, is designed to eliminate financial challenges in higher education by providing interest-free loans to students in need.

The Managing Director of NELFUND, Akintunde Sawyerr, disclosed this during a presentation before the National Assembly Joint Committee on Tertiary Institutions and Tetfund on Thursday in Abuja.

According to Sawyerr, NELFUND has been instrumental in providing financial assistance, with funds reaching students from 176,252 beneficiary institutions nationwide.

Out of the total N116.18 billion disbursed, N37.7 billion was allocated as loans directly to institutions of learning, while the remainder went to individual students.

Sawyerr revealed that 352,796 students applied for loans, but only 108,484 beneficiaries were approved to receive the funds.

For the 2025 fiscal year, NELFUND has received a budget allocation of N58.4 billion.

Of this amount, N12.2 billion is designated for personnel costs, N24.7 billion for overhead expenses, and N21.4 billion for capital projects.

Sawyerr assured the committee that the agency is committed to using the funds effectively to achieve its mandate of easing financial burdens for students.

Senator Dandutse Muntari, the Chairman of the Senate Committee on Tertiary Institutions and Tetfund, emphasized the importance of transparency and accountability in managing NELFUND’s resources.

In his opening remarks, he stated that the committee would scrutinize the agency’s financial plans to ensure they align with national education goals.

“NELFUND plays a critical role in bridging financial gaps for students across tertiary institutions.

Therefore, we will carefully assess its budget to ensure it meets the increasing demand for student loans,” Muntari said.

The committee approved NELFUND’s budget proposal for 2025 through a voice vote, demonstrating its support for the agency’s efforts.

Muntari also urged NELFUND to remain prudent in its spending and maintain transparency in its operations to maximize its impact on higher education.

Since its inception, NELFUND has become a cornerstone in addressing financial challenges faced by students, enabling them to pursue their academic dreams without the burden of exorbitant costs.

The initiative continues to support national education objectives while empowering students and institutions across Nigeria.

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