NELFUND Refutes Media Reports on Loan Disbursements, Clarifies Figures

Babatunji Wusu –

• The Nigerian Education Loan Fund (NELFUND) has disbursed over N32 billion to students in tertiary institutions.
• NELFUND corrected media reports claiming over N104 billion was disbursed to 600 beneficiaries.
• The Fund has provided loans for institutional fees and upkeep to over 360,000 students.

The Nigerian Education Loan Fund (NELFUND) has clarified recent media reports about the total amount disbursed under its Student Loan Scheme. The Fund refuted claims that it had disbursed over N104 billion to just 600 beneficiaries, stating that the correct figures are much lower.

As of February 3, 2025, NELFUND has distributed a total of N20,074,050,000 for institutional fees, benefiting 192,906 students across various tertiary institutions. Additionally, NELFUND has provided N12,818,960,000 in upkeep loans, helping 169,114 students with a monthly stipend of N20,000 each.

The statement emphasized that NELFUND has received 364,042 loan applications and remains committed to transparency, with continued efforts to ensure higher education is accessible to all deserving students. The Fund also acknowledged the support of President Bola Tinubu in making these opportunities possible.