NELFUND Reveals 108,484 Students Benefited from ₦116bn Education Loans

Kehinde Fajobi

The Nigerian Education Loan Fund (NELFUND) disclosed that it had disbursed ₦116.184 billion to students across 176,252 institutions as of 1st January 2025.

Speaking on Wednesday in Abuja during a budget defence session with the National Assembly Joint Committee on Tertiary Institutions and TETFUND, Managing Director Akintunde Sawyer revealed that ₦37.7 billion of the total disbursement went towards institutional loans.

He also noted that while 352,796 students applied for loans, only 108,484 beneficiaries received support.

Sawyer informed the committee, led by Senator Dandutse Muntari (APC, Katsina South) and Hon Gboyega Isiaka, that NELFUND received a budget envelope of ₦58.4 billion for the 2025 fiscal year.

He detailed the allocation, stating, “Out of the ₦58.4 billion budgetary proposal for 2025, ₦12.2 billion is earmarked for personnel cost, ₦24.7 billion for overhead cost, and ₦21.4 billion for capital expenditure.”

The joint committee approved the budget after deliberations, adopting it via a voice vote.

Senator Muntari, chairman of the committee, stressed the importance of transparency in the agency’s operations for the upcoming fiscal year.

He stated, “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 because the agency plays an indispensable role in bridging financial gaps for students across our tertiary institutions.”