The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of ₦116.18 billion to support students and educational institutions nationwide as of January 1, 2025.
NELFUND, established as an initiative of President Bola Tinubu, aims to alleviate financial challenges in higher education by offering interest-free loans to students in need.
Speaking before the National Assembly Joint Committee on Tertiary Institutions and TETFund in Abuja on Thursday, NELFUND Managing Director, Akintunde Sawyer, disclosed that the agency received a ₦58.4 billion budget allocation for the 2025 fiscal year.
Sawyer highlighted that ₦37.7 billion of the total disbursed funds was allocated to loans for institutions of learning. He further stated, “A total of 352,796 students applied for the loan, while 108,484 were approved.”
The agency’s proposed budget for 2025 allocates ₦12.2 billion for personnel costs, ₦24.7 billion for overhead costs, and ₦21.4 billion for capital expenditure.
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The budget proposal was approved by a voice vote, presided over by Senator Dandutse Muntari, Chairman of the Senate Committee on Tertiary Institutions and TETFund.
In his opening remarks, Muntari underscored the significance of transparency in NELFUND’s operations.
“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,” he said.