Nigerian Education Loan Fund (NELFUND) declared in Abuja Thursday that as of 1st January 2025, it has disbursed N116. 184 billion for upkeep of students across 176, 252 beneficiary institutions in the country.
The Education Loan Fund was, however, given a paltry N58.4 billion budget envelope for the 2025 fiscal year.
The managing director of NELFUND, Akintunde Sawyer, who stated these in his presentation before the National Assembly joint Committee on Tertiary Institutions and TETFUND during budget defence session, however clarified that out of the N116.184 billion, N37.7 billion was expended on institution loan.
According to him, a total number of 352,796 students applied for the loan, while 108,484 were given. On the 2025 budgetary proposal, the NELFUND boss informed the Muntari Dandutse and Gboyega Isiaka led joint committee that a of N58.4 billion budget envelope was given to the agency.
“Out of the N58.4 billion budgetary proposal for 2025, N12.2 billion is earmarked for personnel cost, N24.7 billion for overhead cost and N21.4 billion for capital expenditure,” he explained.
