The Nigerian Education Loan Fund (NELFUND) has disbursed N116.184 billion to support students’ upkeep across tertiary institutions nationwide as of January 1, 2025.
This was disclosed by NELFUND Managing Director, Akintunde Sawyer, during a presentation before the National Assembly Joint Committee on Tertiary Institutions and TETFund for the 2025 budget defense in Abuja. Sawyer revealed that 352,796 students applied for the loan, but only 108,484 were successful beneficiaries.
He also disclosed that NELFUND only has an allocation of N58.4billion as budget envelope for the 2025 fiscal year.
The managing director said, “Out of the N58.4billon budgetary proposal for 2025, N12.2billion is earmarked for personnel cost, N24.7billion for overhead cost and N21.4billion for capital expenditure.”
After consideration of budgetary proposals for the agency, the joint committee accordingly approved it through a voice vote.