The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of over N20 billion in institutional fees to tertiary institutions across Nigeria, benefiting 192,906 students.
In a statement released on Monday in Abuja, NELFUND clarified misconceptions about the total amount disbursed, refuting claims that N104 billion had been allocated.
“As of February 3, 2025, NELFUND has received 364,042 student loan applications. So far, the Fund has disbursed N20,074,050,000 for institutional fees, covering 192,906 students across various tertiary institutions,” the statement read.
Beyond tuition support, NELFUND has also provided financial aid for students’ living expenses, distributing over N12 billion in stipends.
“NELFUND has disbursed N12,818,960,000 to 169,114 students, each receiving a monthly stipend of N20,000,” the statement added.
Reaffirming its commitment to transparency and efficiency, NELFUND assured the public of continued updates on disbursements.
The student loan scheme remains a key initiative under President Bola Tinubu’s administration, aimed at expanding access to higher education. Shortly after his inauguration, Tinubu signed the Access to Higher Education Act, establishing a legal framework for providing low-income Nigerians with tuition loans.
Reintroduced earlier this year, the Act empowered NELFUND to manage the loan process, from application and disbursement to recovery. The Fund is financed through multiple revenue streams, with additional strategies being explored to sustain its operations.
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