The Federal Government has disbursed ₦116.18 billion in student loans through the Nigerian Education Loan Fund (NELFUND). These loans, totaling 680,658 disbursements, were distributed as institutional loans worth ₦37 billion and upkeep loans amounting to ₦78 billion.
The Managing Director of NELFUND, Dr. Akintude Sawyer, revealed these figures during the agency’s 2025 budget defense session. He highlighted key achievements of the program, stating, “We have successfully paid student fees for many beneficiaries, reducing dropout rates from higher institutions.”
Dr. Sawyer also noted that the upkeep loans provided by NELFUND have eased financial pressures on families by covering not just tuition fees but also daily living expenses. “By removing financial stress, students are better positioned to excel academically,” he added.
Additionally, the availability of these loans has improved the stability of academic calendars by reducing disruptions such as staff strikes, which often affect students and their families.
Key Statistics:
- Applications Received: 352,796
- Loans Approved: 108,484
For the 2025 fiscal year, NELFUND has been allocated a budget of ₦58.4 billion. Of this, ₦12.2 billion is designated for personnel costs, ₦24.7 billion for overhead, and ₦21.4 billion for capital expenditures.
During the budget defense, Senator Dandutse Muntari, Chairman of the joint committee, emphasized the importance of transparency in managing the allocated funds. 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.”
The committee approved the proposed budget after a detailed review.
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