By Deborah Nnamdi
The Nigerian Education Loan Fund (NELFUND) has said that as of 1st January, 2025, it has disbursed N116.184 billion for the upkeep of students across 176,252 beneficiary institutions in the country.
Speaking on Thursday in Abuja during the budget defence session with Senator Dandutse Muntari, APC, Katsina South, and Hon Gboyega Isiaka-led National Assembly Joint Committee on Tertiary Institutions and TETFUND, the Managing Director of NELFUND, Akintunde Sawyer, clarified that out of N116.184 billion, N37.7 billion was expended on institution loans, said that the education loan fund was, however, given a paltry N58.4 billion budget envelope for the 2025 fiscal year.
According to him, a total number of 352,796 students applied for the loan while 108,484 were given it.On the 2025 budgetary proposal, the NELFUND boss, who informed the joint committee that a total sum of N58.4 billion budget envelope was given to the agency, said, “Out of the N58.4 billion budgetary proposal for 2025, N12.2 billion is earmarked for personnel cost, N24.7 billion for overhead cost, and N21.4 billion for capital expenditure,” he explained.
After the consideration of budgetary proposals of the agency, the joint committee thereafter approved it through a voice vote put to members.
Earlier, the chairman of the joint committee, Senator Dandutse Muntari, who harped on transparency in spending of appropriations made for the agency in 2025, said, “We will examine NELFUND’s financial plan for the upcoming fiscal year to evaluate its alignment with national educational goals and its capacity to meet the growing demands for student loans because the agency plays an indispensable role in bridging financial gaps for students across our tertiary institutions.”
