- The Nigerian Education Loan Fund (NELFUND) clarified that it has disbursed N32.89 billion, not N104 billion, under its student loan scheme
- As of February 3, 2025, NELFUND has allocated N20.07 billion for institutional fees and N12.82 billion for upkeep to support students in higher education
- NELFUND reaffirms its commitment to transparency and efficient management of student loans, with continued support from President Bola Ahmed Tinubu.
The Nigerian Education Loan Fund (NELFUND) has issued a statement clarifying that it has disbursed a total of N32.89 billion, rather than the previously reported N104 billion, under its student loan scheme.
The clarification comes in response to recent publicised statement from the presidency that over N104 billion had been distributed to 600 beneficiaries.
In a statement released yesterday, February 3, in Abuja, NELFUND addressed the discrepancies and provided the accurate figures.
The statement, issued under the leadership of Akintunde Sawyerr, reads: "The management of NELFUND wishes to correct the inaccurate reports regarding the total amount disbursed under the Student Loan Scheme. Contrary to claims that over N104 billion has been disbursed to 600 beneficiaries, the actual figures are as follows.
“As of February 3, 2025, NELFUND has received 364,042 student loan applications. Of these, N20.07 billion has been allocated for institutional fees, benefiting 192,906 students across various tertiary institutions.
“Additionally, a further N12.82 billion has been disbursed for upkeep, with 169,114 students receiving a monthly stipend of N20,000.”
NELFUND also expressed its appreciation for the continued support of President Bola Ahmed Tinubu, whose efforts have been crucial in ensuring greater access to higher education for Nigerian students.
The agency reaffirmed its commitment to transparency and efficiency in managing the student loan scheme and pledged to continue providing accurate updates as disbursements progress.
NELFUND: Federal Government approves disbursement of student loans
Meanwhile, TheRadar previously reported NELFUND’S approval to disburse loans to successful applicants on Wednesday, June 27, 2024.
This was chaired by Jim Ovia and disclosed on NELFUND'S official ‘X’ handle.
Some reactions from students who directed their questions to NELFUND to know more about the loan disbursement were compiled online