NELFUND Announces Total Applications and Disbursements to Date

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

In a statement released on Monday, NELFUND clarified that it has received 364,042 student loan applications since its inception and has approved 192,906 of them. So far, the Fund has disbursed N20 billion for institutional fees and N12.8 billion as upkeep allowances to 169,114 students.

The clarification comes amid reports falsely claiming that NELFUND had disbursed over N104 billion to 600 beneficiaries. The Fund dismissed these claims as inaccurate and reiterated its commitment to transparency and efficiency in managing the student loan scheme.

Commitment to Student Support

Apart from covering tuition fees, NELFUND provides beneficiaries with a monthly stipend of N20,000 to support their living expenses. The management, led by Akintunde Sawyerr, reaffirmed its dedication to ensuring that Nigerian students access higher education without financial constraints.

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“We appreciate the unwavering support of President Bola Tinubu (GCFR) in making higher education accessible to all deserving Nigerian students,” the statement read.

Background on NELFUND

NELFUND was established following the enactment of the Access to Higher Education Act (2023), signed into law by President Bola Tinubu. The Act provides interest-free loans to Nigerian students in public tertiary institutions.

The Fund is financed through multiple revenue sources, including government allocations, donations, grants, and other financial contributions. After facing delays in its implementation, NELFUND officially began operations in May 2024 and has since been facilitating student loans to ease the financial burden on Nigerian students.

The agency assured the public that it would continue to provide accurate updates on the progress of disbursements and student loan approvals.

Read More: NELFUND Opens Portal for 2024/2025 Student Loan – Apply Now