By Agency Report

The Nigerian Education Loan Fund (NELFUND) said its total disbursement for student loans covering school fees and upkeep stands at N32.8 billion as of 3 February 2025.

The Fund disclosed this on Monday in a statement signed by its management. NELFUND said the disclosure became necessary due to erroneous claims making rounds that it had disbursed over N104 billion to 600 beneficiaries.

NELFUND said it has received a total of 364,042 student loan applications since inception and has approved 192,906 applications.

The Fund said it has disbursed a total of N20 billion (N20,074,050,000) for institutional fees as of 3 February. It added that it has disbursed N12 billion (N12,818,960,000) as upkeep to 169,114 students.

Apart from school fees payments, beneficiaries have the option to receive a monthly stipend of N20,000, in addition to their loans

NELFUND said the disclosure became necessary due to erroneous claims making rounds that it had disbursed over N104 billion to 600 beneficiaries.

“The management of NELFUND under the leadership of Akintunde Sawyerr wishes to correct the inaccurate reports regarding the total amount disbursed under the Student Loan Scheme,” it said in the statement.

“We appreciate the unwavering support of President Bola Tinubu (GCFR) in making higher education accessible to all deserving Nigerian students. NELFUND remains committed to transparency and efficiency in managing the student loan scheme and will continue to provide accurate updates as disbursements progress.”

Student Loan scheme

Shortly after assuming office, President Tinubu provided assent to the Access to Higher Education Act (2023) to provide interest-free loans to Nigerian students in public tertiary institutions.

The law also provided the legal framework for the establishment of NELFUND which manages applications and disburses student loans.

The Fund, according to the Act, is to be funded from multiple streams and will engage in other productive activities.

It will also be funded through donations, gifts, grants, endowments, and revenue accruing to the fund from any other source, according to the Act.

After three failed attempts, NELFUND kicked off operation in May last year.

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