The Federal Government has disbursed a total of 680,658 loans (both institutional and upkeep) amounting to ₦116,184 billion.
By Haruna Salami
The Federal Government has disbursed a total of 680,658 loans (both institutional and upkeep) amounting to ₦116,184 billion.
This was disclosed by the Managing Director of Nigerian Education Loan Fund (NELFUND), Dr. Akintude Sawyer during the 2025 budget defence of the agency.
Sawyer said the institutional loans account for ₦37 billion while upkeep loans total ₦78 billion.
However, Education Loan Fund was given a paltry N58.4billion budget envelope for 2025 fiscal year.
He said the activities of NELFUND’s key achievements include “reduction in dropout rates”, adding “we have successfully paid student fees for many beneficiaries, reducing dropout rates from higher institutions”.
He said this has brought “relief for families as the agency has provided upkeep loans to approved students, alleviating families from not only tuition burdens but also day-to-day expenses”.
“Improved academic performance by removing financial stress, students are better positioned to excel academically”.
Another achievement is stability in academic calendars as availability of these loans has contributed to a reduction in disruptions, such as academic staff strikes, which directly impact students and their families.
According to him, a total number of 352, 796 students applied for the loan, while 108,484 , were given .
On the 2025 budgetary proposal, the NELFUND boss informed the Senator Muntari Dandutse and Hon Gboyega Isiaka led joint committee that a of N58.4billion budget envelope was given the agency .
” Out of the N58.4billon budgetary proposal for 2025, N12.2billion is earmarked for personnel cost , N24.7billion for overhead cost and N21.4billion for capital expenditure “, he explained .
After consideration of budgetary proposals of the agency the joint committee accordingly approved it through voice vote put to members.
Earlier before approval of the agency’s 2025 budgetary proposals , the Chairman of the joint Committee, Senator Dandutse Muntari harped on transparency on spending of appropriations made for the agency in 2025.
” We will examine NELFUND’s financial plan for the upcoming fiscal year to evaluate its alignment with national educational goals and its capacity to meet the growing demands for student loans because the agency plays an indispensable role in bridging financial gaps for students across our tertiary institutions “, he said.
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