Students’ Loan: ₦20bn was Disbursed to 192,906 Applicants, not ₦104bn to 600 Beneficiaries – NELFUND
The Nigerian Education Loan Fund (NELFUND) has clarified that it disbursed ₦20,074,050,000 to 192,906 applicants across various schools for institutional fees through the students loan scheme, contrary to reports that it was over ₦104 billion to 600 beneficiaries.
In a statement signed by its management under the leadership of Akintunde Sawyerr on Monday, NELFUND described the reports making the rounds as “inaccurate”, noting that it remitted the aforementioned out of 364,402 applications it received till date.
“As of February 3, 2025, NELFUND has received a total of 364,402 student loan applications. So far, the Fund has disbursed a total of ₦20,074,050,000 for institutional fees, benefitting 192,906 students across various tertiary institutions.
“Additionally, for upkeep, NELFUND has disbursed ₦12,818,960,000 to 169,114 students, each receiving a monthly stipend of ₦20,000,” it stated.
The management expressed gratitude to President Bola Ahmed Tinubu for his unwavering support in making higher education accessible to all deserving Nigerian students.
NELFUND also said that it remains committed to transparency and efficiency in managing the scheme, and will continue to provide accurate updates as disbursements progress.
