The Nigerian Education Loan Fund (NELFUND) has successfully disbursed over N20 billion in institutional fees to tertiary institutions across the country, benefiting nearly 193,000 students.
The announcement was made by NELFUND on Monday, with the organization providing clarification on the total amount of funds disbursed. It addressed misinformation regarding reports that suggested N104 billion had been released, confirming that such figures were inaccurate.
“As of February 3, 2025, NELFUND has received 364,042 student loan applications. To date, the Fund has disbursed N20,074,050,000 for institutional fees, supporting 192,906 students in various tertiary institutions,” the statement read.
In addition to tuition assistance, NELFUND has also extended financial support for students’ living expenses, allocating over N12 billion in stipends.
The Fund has distributed N12,818,960,000 to 169,114 students, with each receiving a monthly stipend of N20,000.
Reaffirming its commitment to transparency and effective management, NELFUND assured the public that it will continue providing accurate updates as further disbursements are made.
This student loan initiative remains a central policy under President Bola Tinubu’s administration. Shortly after taking office, President Tinubu signed the Access to Higher Education Act, creating a legal framework to offer loans to financially disadvantaged Nigerians for higher education.
Earlier in 2025, the law was reenacted, designating NELFUND as the agency responsible for overseeing the entire loan process, from application to disbursement and eventual recovery.
The Fund is supported by a variety of revenue sources, and NELFUND is exploring additional strategies to ensure its long-term sustainability.