NELFUND Distributes N20 Billion to Support 192,906 Students Nationwide

Nigerian Education Loan Fund (NELFUND) Disburses Over N20 Billion to Support Students

As of February 3, 2025, the Nigerian Education Loan Fund (NELFUND) has successfully distributed a total of N20,074,050,000 to assist with institutional fees, benefiting approximately 192,906 students enrolled in various tertiary institutions across Nigeria.

In a recent statement, NELFUND dismissed rumors suggesting that over N104 billion had been allocated under the Student Loan Scheme. This clarification was made by Akintunde Sawyerr, the Managing Director of NELFUND, along with the management team.

The statement detailed that NELFUND has processed loan applications from a total of 364,042 students so far. “As of February 3, 2025, NELFUND has received a total of 364,042 student loan applications. Up to this point, the Fund has distributed N20,074,050,000 for institutional fees, aiding 192,906 students at various tertiary institutions,” the statement read.

Additionally, the Student Loan Scheme indicated that around 169,114 students have received monthly stipends totaling N12,818,960,000, with each student benefiting from N20,000.

The NELFUND had previously announced in January 2025 that it had allocated N20.08 billion to 192,906 students across 133 tertiary institutions in Nigeria.

2025 Budget Allocation for NELFUND

In the 2025 budget proposal, the Federal Government has allocated approximately N175.13 million to NELFUND to support its operations under the Student Loan Act of 2024, which forms part of the government’s total proposed budget of N49.74 trillion.

The allocation includes N124.08 million earmarked for the salaries and wages of NELFUND employees, covering payments across multiple government departments. Moreover, N32.72 million has been allocated for regular allowances, providing additional financial benefits to employees. Other allocations include N12.13 million for the Contributory Pension—Employers’ Contribution and N6.20 million for the National Health Insurance Authority (NHIS) to promote universal health coverage in Nigeria.

Key Facts to Note

Signed into law on April 3, 2024, during President Bola Tinubu’s administration, NELFUND marks a significant historic milestone aimed at enhancing sustainable higher education and effective skill development for Nigerian students and youth.

The Fund’s primary mission is to furnish qualified Nigerians with financial assistance for tuition, institutional fees, and living expenses while enrolled in approved tertiary and vocational institutions within the country. NELFUND is managed by a board comprising representatives from various ministries and regulatory bodies, alongside a management team led by Akintunde Sawyerr overseeing daily operations.