The Nigerian Education Loan Fund (NELFUND) says it has so far disbursed about N20 billion to 192,906 students in tertiary institutions nationwide.
NELFUND’s clarification follows a viral report on December 3, 2024, claiming the organization had disbursed a whopping N104 billion to students since its inception.
The statement released by NELFUND in Abuja on Monday clarified that the reports 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,” it said.
In addition to covering tuition fees, the Fund has further supported students by disbursing over N12 billion as stipends for their upkeep.
The statement added: “NELFUND has disbursed N12,818,960,000 to 169,114 students, each receiving a monthly stipend of N20,000.”
NELFUND reaffirmed its commitment to transparency and efficiency, assuring the public of regular, accurate updates on disbursements as they progress.
Students Loans (Access to Higher Education) Act, 2023 which provides a legal framework for granting loans to low-income Nigerians to cover their tuition fees in tertiary institutions was signed by President Bola Tinubu on June 12, 2023.
The Act is designed to assist indigent students in public institutions of higher learning to access government loans for their tuition.
As part of efforts to implement the Act, a sum of N50 billion was approved for the scheme in the 2024 budgetary allocation.
Author
Leave a comment