The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of N116.18 billion as of January 1, 2025, to support students and educational institutions across the country. This initiative, introduced under President Bola Tinubu’s administration, is designed to ease financial barriers in higher education by providing interest-free loans to eligible students.
During a session with the National Assembly Joint Committee on Tertiary Institutions and Tetfund in Abuja on Thursday, NELFUND’s Managing Director, Akintunde Sawyer, shared details about the fund’s impact and operations. Sawyer revealed that the agency was allocated N58.4 billion in the 2025 fiscal year to facilitate its objectives. Out of the total funds disbursed, N37.7 billion was allocated specifically to loans for educational institutions.
Sawyer further noted, “A total of 352,796 students applied for the loan, while 108,484 were approved.” This figure highlights the growing demand for financial assistance among Nigerian students striving to access higher education.
The agency’s proposed budget for 2025 includes N12.2 billion for personnel costs, N24.7 billion for overhead costs, and N21.4 billion for capital expenditures. The proposal received approval during a voice vote led by Senator Dandutse Muntari, Chairman of the Senate Committee on Tertiary Institutions and Tetfund.
In his remarks, Senator Muntari stressed the need for transparency and accountability in NELFUND’s operations, noting, “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.”
