The Nigerian Education Loan Fund has disbursed over N20 billion in institutional fees to tertiary institutions across the country which benefitted 192,906 students, the Fund announced on Monday.
In a statement released by its management in Abuja, NELFUND addressed widespread misconceptions about the total amount disbursed, 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 a total of N20,074,050,000 for institutional fees, benefiting 192,906 students across various tertiary institutions,” the statement read.
In addition to tuition, the Fund has disbursed approximately N12 billion in stipends to students to help with their upkeep.
“NELFUND has disbursed N12,818,960,000 to 169,114 students, each receiving a monthly stipend of N20,000,” the statement added.
Reiterating its dedication to openness and effectiveness, NELFUND promised the public that it will keep giving precise information as disbursement progresses.
One of the administration’s primary initiatives in the field of education under President Bola Tinubu is still the student loan scheme.
Shortly after his inauguration, Tinubu signed the Access to Higher Education Act, which provides a legal framework for granting loans to low-income Nigerians to cover their tuition fees in tertiary institutions.
The law, reenacted earlier this year, established NELFUND as the body responsible for handling all aspects of the loan process, including requests, grants, disbursement, and recovery.
According to the Act, the Fund is to be financed through multiple revenue streams, and other productive activities will be explored to sustain its operations.
