The Nigerian Education Loan Fund (NELFUND) has announced that, as of January 1, 2025, it has disbursed a total of N116.184 billion to support students across 176,252 beneficiary institutions nationwide.
NELFUND said it has been allocated a budget envelope of N58.4 billion for the 2025 fiscal year.
Speaking during a budget defense session before the National Assembly Joint Committee on Tertiary Institutions and TETFUND, NELFUND’s Managing Director, Akintunde Sawyer, disclosed that N37.7 billion of the disbursed funds was spent on institutional loans.
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Sawyer further revealed that out of 352,796 student applications, only 108,484 students were granted loans.
On the Agency’s 2025 budget proposal, Sawyer informed the Committee, co-chaired by Senator Muntari Dandutse and Representative Gboyega Isiaka, that the N58.4 billion allocation would be allocated in this format – N12.2 billion for personnel costs, N24.7 billion for overhead costs, and N21.4 billion for capital expenditure.
ait.live Correspondent in the National Assembly reports that following deliberations, the joint Committee approved the Agency’s budget proposal through a voice vote.
(Editor: Ken Eseni)
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