By Jane Okafor, Abuja
The Nigerian Education Loan Fund (NELFUND) says it has disbursed a total of N116.184 billion loans to students across 176,252 higher institutions as of January 1, 2025.
NELFUND’s Managing Director, Akintunde Sawyer, disclosed this on Thursday in Abuja during the agency’s budget defence session before the National Assembly Joint Committee on Tertiary Institutions and TETFUND.
Sawyer explained that out of the disbursed amount, N37.7 billion was allocated for institutional loans, while the remaining funds supported students directly.
He explained further that out of 352,796 students who applied for the loans, only 108,484 received funding.
He noted that despite its significant role in providing financial support to students, NELFUND’s budgetary allocation for the 2025 fiscal year stands at 58.4billion.
Giving the budget breakdown to the committee, Sawyer explained, “Out of the N58.4 billion budgetary allocation for 2025, N12.2 billion is earmarked for personnel costs, N24.7 billion for overhead costs, and N21.4 billion for capital expenditure.”
However, the joint committee, chaired by Senator Muntari Dandutse and co-chaired by Hon. Gboyega Isiaka(Ogun), reviewed the agency’s proposals and approved the budget through a voice vote.
