The Nigerian Education Loan Fund has announced the disbursement of N116.184 billion to support students across 176,252 institutions nationwide under the Nigerian Student Loan Scheme.
According to the Managing Director, Akintunde Sawyer, the funds have directly benefited 680,658 students in universities, polytechnics, and colleges of education as of January 2025.
Of the total amount disbursed, N37 billion was allocated for institutional loans covering tuition and fees, while N78 billion was provided as upkeep loans to assist students with living expenses.
Speaking before the National Assembly Joint Committee on Tertiary Institutions and TETFUND during a budget defence session, Sawyer described the initiative as a key component of President Bola Tinubu’s Renewed Hope Agenda, aimed at breaking financial barriers to education.
“This level of investment is transforming the lives of Nigerian students and their families,” Sawyer remarked.
“The loans have not only eased the financial burden on families but also contributed to improved academic outcomes by reducing the stress of funding challenges.”
Sawyer also highlighted the scheme’s impact on stabilising academic calendars by minimising disruptions caused by financial constraints.
To ensure nationwide accessibility, NELFUND has launched a sensitisation campaign, with 457,621 students registering interest in the scheme and 352,796 completing their applications.
Despite these achievements, Sawyer expressed concerns over the N58.4 billion allocated to NELFUND in the 2025 fiscal budget.
The budget is divided into N12.2 billion for personnel costs, N24.7 billion for overheads, and N21.4 billion for capital expenditure. After deliberations, the National Assembly Joint Committee approved the agency’s budget proposal while calling for transparency in fund utilization.
