By Peter Adelowo
Nigerian Education Loan Fund, NELFUND, has debunked news of N104 billion purportedly disbursed to 600 beneficiaries of the scheme.
In a statement in Abuja, the management of NELFUND says, contrary to media reports, as of Monday, February 3, 2025, it received a total of 364,042 student loan applications and disbursed a total of N20,074,050,000 for institutional fees, benefiting 192,906 students across various tertiary institutions.
“The Management of the Nigerian Education Loan Fund (NELFUND) under the leadership of Akintunde Sawyerr wishes to correct the inaccurate reports regarding the total amount disbursed under the Student Loan Scheme.
“Contrary to claims that over N104 billion has been disbursed to 600 beneficiaries, the actual figures are as follows:
“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”
It therefore promises to continue to provide accurate updates as disbursements progress.
