By Miracle Ogunde
192,906 students have benefitted from over N20 billion diabursed in institutional fees to tertiary institutions nationwide.
This was disclosed by the Nigerian Education Loan Fund, NELFUND on Monday.
NELFUND, in a statement released by its management in Abuja, addressed widespread misconceptions about the total amount disbursed, clarifying that reports of N104 billion were inaccurate.
The Fund has also provided financial support for students’ upkeep, disbursing over N12 billion in stipends, beyond tuition fees.
“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.
“NELFUND has disbursed N12,818,960,000 to 169,114 students, each receiving a monthly stipend of N20,000,” the statement added.
Reaffirming its commitment to transparency and efficiency, NELFUND assured the public that it would continue to provide accurate updates as disbursements progress.
The student loan scheme remains a flagship initiative of President Bola Tinubu’s administration in the education sector.
President Tinubu signed the Access to Higher Education Act, which provides a legal framework for granting loans to low-income Nigerians to cover their tuition fees in tertiary institutions, shortly after his inauguration.
The law, reenacted earlier this year, established NELFUND as the body responsible for handling all aspects of the loan process, including requests, grants, disbursement, and recovery.
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