The Nigerian Education Loan Fund announced on Monday that it has disbursed over N12bn as upkeep allowances for student loan applicants across the country.
Additionally, more than N20bn has been disbursed to various tertiary institutions as institutional fees.
This was disclosed in a statement issued by NELFUND’s management and made available to our correspondent in Abuja.
The Fund clarified that the figures were released in response to misconceptions and inaccurate reports claiming that over N104bn had been disbursed.
“As of February 3, 2025, NELFUND has received a total of 364,042 student loan applications. So far, the Fund has disbursed N20,074,050,000 in institutional fees, benefiting 192,906 students across various tertiary institutions,” the statement read.
The Fund also confirmed that over N12bn had been distributed to students as upkeep allowances.
“NELFUND has disbursed N12,818,960,000 to 169,114 students, each receiving a monthly stipend of N20,000.”
The agency reaffirmed its commitment to transparency and efficiency in managing the student loan scheme and pledged to continue providing accurate updates on disbursements.
The student loan scheme is a key initiative of President Bola Tinubu’s administration in the education sector.
Barely a month after assuming office, Tinubu signed the Access to Higher Education Act, which provides a legal framework for granting loans to indigent and low-income Nigerians to cover tuition and other academic expenses in Nigerian tertiary institutions.
The law, reenacted earlier this year, established NELFUND, which is responsible for handling all student loan requests, grants, disbursements, and recoveries.
The Fund is designed to be financed through multiple revenue streams and other productive engagements, as stipulated in the Act.