FG disburses N116.184b loan to Nigerian students

The Nigerian Education Loan Fund (NELFUND) has disbursed N116. 184b for institutional loans 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.

Sawyer, who stated these in his presentation before the National Assembly joint Committee on Tertiary Institutions and TETFUND during the budget defence session, said the initiative aligns with

President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes breaking financial barriers to education.

Out of the ₦116.1 billion disbursed, ₦37 billion was allocated for institutional loans, covering tuition and fees, while ₦78 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 during a briefing.

“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. Additionally, the scheme has contributed to stabilizing academic calendars by minimizing disruptions linked to financial challenges.

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“NELFUND’s efforts include a nationwide sensitization 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 was however given a meager N58.4billion budget envelope for the 2025 fiscal year.

“The ₦116.1 billion disbursed so far represents not just numbers, but a commitment to empowering the youth and building the nation’s future.”

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

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

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

Before approving the agency’s 2025 budgetary proposals, the Chairman of the Joint Committee, Senator Dandutse Muntari harped on transparency regarding the spending of appropriations made for the agency in 2025.

“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,” he said.