By Calista Oyeoba / Posted February 3, 2025
The Nigerian Education Loan Fund (NELFUND) has clarified its disbursement figures, stating that as of February 3, 2025, it has allocated over N20 billion for institutional fees, benefiting 192,906 students across various tertiary institutions in Nigeria.
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This clarification addresses rumors suggesting a total disbursement of N104 billion.
In a statement released on Monday, NELFUND dispelled rumors about the total disbursement being N104 billion, emphasizing the actual figures. “As of February 3, 2025, NELFUND has received a total of 364,042 student loan applications. So far, the Fund has disbursed a total of N20,074,050,000 for institutional fees, benefiting 192,906 students across various tertiary institutions,” the management announced from Abuja.
In addition to covering institutional fees, NELFUND has provided financial support for students’ upkeep, disbursing over N12 billion. Specifically, N12,818,960,000 has been distributed to 169,114 students, each receiving a monthly stipend of N20,000.
NELFUND has disbursed N12,818,960,000 to 169,114 students, each receiving a monthly stipend of N20,000,” the statement declared.
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NELFUND emphasizes its commitment to transparency and efficiency, pledging to keep the public informed with accurate updates on future disbursements.
This student loan initiative is a cornerstone of President Bola Tinubu’s administration’s education policy. Following his inauguration, President Tinubu signed into law the Access to Higher Education Act, which provides interest-free loans to underprivileged Nigerian students for their tertiary education.
The Act mandates NELFUND to manage all aspects of the loan process, from application to repayment, ensuring sustainable higher education and skill development for Nigerian students.
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The Fund’s operations are supported by various revenue sources, with additional income-generating activities planned to ensure its sustainability.
NOTE: Calista is a Trainee-journalist who contributes regularly to DDNEWSONLINE.COM from the Department of Mass Communication, Ekocity Polytechnic, Lagos