NELFUND Disburses N116.18bn in Interest-Free Loans to Students and Institutions Nationwide

The Nigerian Education Loan Fund (NELFUND) announced that it had disbursed approximately N116.18 billion in interest-free loans to students and institutions nationwide as of January 1, 2025. This initiative, spearheaded by President Bola Tinubu, aims to eliminate financial barriers in higher education by providing financial aid to underprivileged students.

During a presentation to the National Assembly Joint Committee on Tertiary Institutions and Tetfund in Abuja, NELFUND’s Managing Director, Akintunde Sawyerr, disclosed that the agency has a budget allocation of N58.4 billion for the 2025 fiscal year. Out of the N116.18 billion disbursed so far, N37.7 billion was allocated as loans to educational institutions.

Mr. Sawyerr also revealed that 352,796 students applied for the loan, with 108,484 successfully receiving financial aid. The 2025 budget breakdown includes N12.2 billion for personnel costs, N24.7 billion for overhead expenses, and N21.4 billion for capital projects.

Following a review of the agency’s budget proposal, the committee approved it through a voice vote conducted by Senator Dandutse Muntari, Chairman of the Senate Committee on Tertiary Institutions and Tetfund.

In his remarks, Senator Muntari stressed the importance of transparency and prudent management of the Fund. He noted, “We will assess NELFUND’s financial plan for the upcoming fiscal year to ensure alignment with national educational goals and its ability to address the increasing demand for student loans. The agency plays a crucial role in bridging financial gaps for students in tertiary institutions.”