CAMPUS REPORTS
NELFUND disburses over N116bn in 2024

The Nigerian Education Loan Fund (NELFUND) has announced that, as of January 1, 2025, it has disbursed a total of N116.184 billion for the upkeep of students across 176,252 beneficiary institutions nationwide.
The Managing Director of NELFUND, Akintunde Sawyer, revealed these details during his presentation to the National Assembly Joint Committee on Tertiary Institutions and TETFUND at a budget defense session. He clarified that out of the N116.184 billion disbursed, N37.7 billion was used for institutional loans.
According to Sawyer, a total of 352,796 students applied for the education loan, but only 108,484 applicants were approved.
Regarding the 2025 budget proposal, Sawyer informed the committee, led by Senator Muntari Dandutse and Gboyega Isiaka, that the agency was allocated a budget of N58.4 billion.
After reviewing the agency’s budget proposal, the joint committee approved it through a voice vote.
Before the approval, Senator Muntari Dandutse, Chairman of the Joint Committee, emphasized the importance of transparency in utilizing the funds appropriated to NELFUND for the 2025 fiscal year.
To address the challenges of higher education affordability in Nigeria, President Bola Ahmed Tinubu signed into law the Student Loan Bill in 2023. The initiative is aimed at providing interest-free loans to Nigerian students to ensure that financial constraints do not hinder access to tertiary education.
Under the program, eligible students enrolled in public tertiary institutions can access loans through the Nigerian Education Loan Fund (NELFUND). The funds can be used for tuition fees and other essential educational expenses, with repayment scheduled to commence two years after graduation.
The loan scheme prioritizes students whose families have an annual income of less than N500,000, ensuring that the most vulnerable populations benefit from the program. President Tinubu emphasized that the initiative is part of his administration’s commitment to creating equal opportunities for all Nigerians, especially the youth, who are critical to the nation’s development.
The program will be managed by the Central Bank of Nigeria (CBN) in collaboration with other key financial institutions. While the scheme has been widely praised for its potential to improve access to education, concerns have been raised regarding implementation, sustainability, and repayment enforcement.
With education considered a cornerstone of national growth, the student loan program marks a significant step toward equipping Nigeria’s youth with the skills and knowledge needed to thrive in a competitive global economy.
FRCN
Discover more from Asiwaju Media
Subscribe to get the latest posts sent to your email.
-
EDITORIAL5 days ago
How Chinedu Ogah Perfected the Art of Political Wayo
-
NEWS7 days ago
2025 C-SAGAS Arts and Sciences Competition Officially Flagged Off in Ebonyi State
-
ENTERTAINMENT7 days ago
Angela Okorie Appears To Shade Destiny Etiko After Wedding Drama
-
JOBS/SCHOLARSHIPS5 days ago
Call For Applications: Llama Impact Accelerator Program 2025 for African startups (Equity-free funding of $25,000)
-
NEWS4 days ago
C-SAGAS Charity Foundation Hosts Key Stakeholders for Strategic Partnerships
-
POLITICS4 days ago
‘I Rigged Senatorial Poll Against Emmanuel Onwe’ – Rep Ogah
-
ENTERTAINMENT5 days ago
Nasboi Survives Car Accident During Nationwide Journey to Secure Davido Feature
-
ENTERTAINMENT6 days ago
Linc Edochie Reportedly Ties the Knot in Private Ceremony with U.S.-Based Partner
-
NEWS5 days ago
I Made Wike Chief Of Staff So I Could Monitor Him Closely – Rotimi Amaechi
-
NEWS5 days ago
Rivers State Administrator Appoints 11 New Permanent Secretaries
-
ENTERTAINMENT5 days ago
He Cheated on Me – Juma Jux’s Ex-Girlfriend Karen Bujulu Speaks Out After His Wedding to Priscilla Ojo
-
SPORTS3 days ago
Cristian Chivu Appointed Inter Milan Head Coach After Inzaghi’s Exit