The Nigerian Education Loan Fund (NELFUND) has refuted widespread reports claiming that over N104 billion was disbursed to just 600 beneficiaries under the Student Loan Scheme. In an official statement released on February 3, 2025, the management of NELFUND, led by Akintunde Sawyer, clarified the actual figures, emphasizing transparency in the scheme’s implementation.
According to NELFUND, the agency has received a total of 364,042 student loan applications since the scheme commenced. Out of this, N20,074,050,000 has been disbursed for institutional fees, benefiting 192,906 students across various tertiary institutions in Nigeria.
In addition to tuition disbursements, the statement revealed that NELFUND has allocated N12,818,960,000 for student upkeep, ensuring that 169,114 students receive a monthly stipend of N20,000 to support their living expenses.
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Acknowledging the role of the Federal Government, NELFUND expressed gratitude for the unwavering support of President Bola Ahmed Tinubu in making higher education accessible to all deserving Nigerian students. The agency reaffirmed its commitment to transparency, efficiency, and timely updates on disbursement figures as the loan scheme progresses.
This clarification comes amid growing discussions surrounding the implementation of the Student Loan Scheme, with many stakeholders closely monitoring the impact and effectiveness of the initiative in addressing financial barriers to education in Nigeria.
