NELFUND Says: We Disburse Over N20Bn in Students Loan to 192,906 Beneficiaries
…Denies Disbursing N104Billion To 600,000 Beneficiaries
The Management of the Nigerian Education Loan Fund (NELFUND) has said that it has disbursed N20,074,050,000 to only 192,906 Students against the media reports making the round that it has disbursed N104Billion In Student Loans To 600,000 Beneficiaries across the country since it inception
NELFUND under the leadership of Akintunde Sawyerr, described the reports as reported by several media as inaccurate, and misleading.
On a statement on Monday NELFUND said some media reports claimed that President Bola Tinubu announced that the student loan scheme has benefitted 600,000 students across the country with over N104 billion already disbursed.
President Tinubu was reported to have made this known on Saturday in a message to the 33rd Convocation of the Federal University of Technology, Minna, Niger State.
The President was represented at the event by a Director in the Federal ministry of Education, Hajiya Rakiya Gambo Ilyasu.
But reacting to the report, NELFUND in a statement issued on Monday, said the reports are contrary to the actual figures it has.
NELFUND said, “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.
“Additionally, for upkeep, NELFUND has disbursed N12,818,960,000 to 169,114 students, each receiving a monthly stipend of N20,000.
“We appreciate the unwavering support of President Bola Ahmed Tinubu in making higher education accessible to all deserving Nigerian students.
“NELFUND remains committed to transparency and efficiency in managing the student loan scheme and will continue to provide accurate updates as disbursements progress.”
