The Nigerian Education Loan Fund has distributed over N20 billion in institutional fees to tertiary institutions nationwide, benefiting nearly 193,000 students.
NELFUND made this announcement Monday.
Addressing misconceptions about the total amount disbursed, NELFUND clarified in a statement issued in Abuja that reports suggesting N104 billion had been released were inaccurate.
“As of February 3, 2025, NELFUND has received a total of 364,042 student loan applications. So far, the Fund has disbursed a total of N20,074,050,000 for institutional fees, benefiting 192,906 students across various tertiary institutions,” the statement read.
In addition to tuition coverage, the Fund has also extended financial assistance for students’ living expenses, disbursing over N12 billion in stipends.
“NELFUND has disbursed N12,818,960,000 to 169,114 students, each receiving a monthly stipend of N20,000,” the statement added.
Reaffirming its dedication to transparency and efficiency, NELFUND assured the public of continued accurate updates as disbursements progress.
The student loan initiative remains a key educational policy under President Bola Tinubu’s administration.
Shortly after assuming office, Tinubu signed the Access to Higher Education Act, which established a legal framework for providing loans to financially disadvantaged Nigerians for their tertiary education.
Reenacted earlier in 2025 the law designates NELFUND as the body overseeing the loan process, from application to disbursement and eventual recovery.
The Fund is sustained through multiple revenue sources, with additional strategies being explored to ensure its long-term viability.
