The Nigerian Education Loan Fund (NELFUND) has announced that it has disbursed a total of N116.184 billion to beneficiaries across 176,252 institutions in the country as of January 1, 2025. This was disclosed by the Managing-Director of NELFUND, Akintunde Sawyer, during a budget defense session before the National Assembly Joint Committee on Tertiary Institutions and TETFUND.Out of the disbursed amount, N37.7 billion was allocated for institution loans, while the remaining amount was used for student upkeep.Sawyer added that a total of 352,796 students applied for the loan, with 108,484 successfully receiving the loan.This significant investment in education is expected to have a positive impact on the country’s human capital development.Despite the significant disbursement, NELFUND received a relatively modest budget envelope of N58.4 billion for the 2025 fiscal year.This allocation is part of the federal government’s efforts to prioritize education and make it more accessible to Nigerian students.President Bola Tinubu’s administration has demonstrated its commitment to education, with the Ministry of Education receiving a budgetary allocation of N3.54 trillion for the 2025 fiscal year.The NELFUND initiative is a crucial component of the government’s strategy to address education funding challenges in Nigeria.By providing interest-free loans to students, NELFUND aims to increase access to higher education and reduce the financial burden on students and their families.The fund’s managing director, Akintunde Sawyer, has emphasized that NELFUND’s primary objective is to support students in completing their education and acquiring skills that can enhance their employability.To achieve its objectives, NELFUND relies on funding from various sources, including the Federal Inland Revenue Service (FIRS) and the Tertiary Education Trust Fund (TETFUND).The fund is also empowered to invest its resources in government instruments, such as bonds and Treasury bills, to generate returns and ensure sustainability.As NELFUND continues to play a vital role in supporting education in Nigeria, it is essential to monitor its progress and address any challenges that may arise.With the fund’s commitment to transparency and accountability, Nigerian students can look forward to increased access to affordable education and a brighter future.
