***Allocates N58.4b for 2025
The Nigerian Education Loan Fund (NELFUND) has disbursed ₦116.18 billion in institutional and upkeep loans to students across 176,252 beneficiary institutions as of January 2025.
This initiative, implemented under the Nigerian Student Loan Scheme, has benefited 680,658 students in universities, polytechnics, and colleges of education, according to the Managing Director of NELFUND, Akintunde Sawyer.
Speaking during a budget defense session before the National Assembly Joint Committee on Tertiary Institutions and TETFUND, Sawyer highlighted that the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which aims to remove financial barriers to education.
Of the total disbursed, ₦37 billion was allocated for institutional loans, covering tuition and fees, while ₦78 billion was provided as upkeep loans to support students’ living expenses. “This investment is transforming the lives of Nigerian students and their families,” Sawyer stated, adding that the scheme has eased the financial burden on families, improved academic outcomes, and helped stabilize academic calendars by reducing disruptions caused by financial challenges.
To ensure accessibility, NELFUND has conducted a nationwide sensitization campaign, resulting in 457,621 students registering their interest and 352,796 completing applications. Efforts are ongoing to increase awareness in underserved regions.
However, for the 2025 fiscal year, NELFUND was allocated a modest ₦58.4 billion budget. Of this amount, ₦12.2 billion is earmarked for personnel costs, ₦24.7 billion for overheads, and ₦21.4 billion for capital expenditure.
Presenting the 2025 budget proposal to the committee, Sawyer emphasized the importance of the agency’s role. “The ₦116.1 billion disbursed so far represents not just numbers, but a commitment to empowering the youth and building the nation’s future,” he said.
The joint committee, chaired by Senator Muntari Dandutse and Hon. Gboyega Isiaka, approved the budget proposal through a voice vote. Dandutse called for transparency in spending appropriations, emphasizing the agency’s critical role in bridging financial gaps for students.
“We will evaluate NELFUND’s financial plan for the upcoming fiscal year to ensure alignment with national educational goals and the growing demand for student loans,” Dandutse stated.
The approved budget is expected to bolster the agency’s efforts to expand access to education and support Nigeria’s youth in achieving their academic aspirations.