FG disburses N116.18b student loans, approves N4b for vulnerable households

Nigerian Education Loan Fund (NELFUND) has disbursed N116.184 billion for Institutional loan and upkeep of students across 176,252 beneficiary institutions in the country as of January 2025, the Managing Director, Akintunde Sawyer, has indicated.

The funds, distributed under the Nigerian Student Loan Scheme, have benefited 680,658 students in universities, polytechnics and colleges of education.

The Federal Government also approved N4 billion for Conditional Cash Transfers (CCT) to support vulnerable households across the country.
In addition, the government approved N2 billion for interest-free loans to farmers in rural areas to enhance food production and self-sufficiency.

According to the NELFUND MD, who stated this in his presentation before the National Assembly Joint Committee on Tertiary Institutions and TETFUND during the budget defence session, the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritises breaking financial barriers to education.

Out of the N116.1 billion disbursed, N37 billion was allocated for institutional loans, covering tuition and fees, while N78 billion was distributed as upkeep loans to support students with living expenses.

“This level of investment is transforming the lives of Nigerian students and their families,” Sawyer stated. “The loans have not only eased the financial burden on families but also improved academic outcomes, with students performing better due to reduced stress over funding.”

Sawyer added that the scheme has contributed to stabilising academic calendars by minimising disruptions linked to financial challenges.

He noted, “NELFUND’s efforts include a nationwide sensitisation campaign to ensure every eligible student can access the scheme. So far, 457,621 students have registered their interest, with 352,796 completing applications.

“Regional participation rates vary, but targeted outreach is being implemented to boost awareness in underserved areas.”

The Education Loan Fund, he disclosed, was however given a meagre N58.4 billion budget envelope for the 2025 fiscal year.

On the 2025 budgetary proposal, the NELFUND boss informed the Sen Muntari Dandutse and Gboyega-Isiaka-led joint committee that a N58.4 billion budget envelope was given to the agency.

“Out of the N58.4 billion budgetary proposal for 2025, N12.2 billion is earmarked for personnel cost, N24.7 billion for overhead cost and N21.4 billion for capital expenditure,” he explained.

After consideration of the budgetary proposals of the agency, the joint committee accordingly approved it through a voice vote by members.

Earlier before approval of the agency’s 2025 budgetary proposals, the Chairman of the Joint Committee, Muntari, harped on transparency on the spending of appropriations made for the agency in 2025.

SPEAKING at the launch of the 2025 Nigeria Humanitarian Needs and Response Plan (HNRP) at the United Nations House in Abuja, yesterday, the Minister of Humanitarian Affairs and Poverty Reduction, Prof NentaweYilwada, outlined the initiative aimed at addressing the country’s growing humanitarian challenges.

The programme is expected to assist at least 10 million displaced households, focusing on the most vulnerable members of society.

The CCT, scheduled to begin in February through April, targets families affected by displacement, particularly in the North East.

Announcing the initiative, Yilwada stated: “We are prioritising women, especially widows, pregnant women and those with disabilities. The experiences of displaced women, particularly those facing pregnancy or disability, are especially challenging. We understand these vulnerabilities and will continue to support those who are most in need.

“The President has approved the ministry’s plan to begin paying CCTs to 10 million displaced households between February and April. This initiative aims to support those most in need, particularly vulnerable families affected by displacement.