The Nigerian Education Loan Fund (NELFUND) announced in Abuja on Thursday that as of January 1, 2025, it had disbursed a total of N116.184 billion to support students across 176,252 beneficiary institutions nationwide.
For the 2025 fiscal year, the Agency was allocated a budget of N58.4 billion.
During a budget defence session before the National Assembly’s Joint Committee on Tertiary Institutions and TETFUND, Akintunde Sawyer, NELFUND’s Managing Director, explained that of the N116.184 billion disbursed, N37.7 billion was used for institutional loans.
Sawyer further noted that while 352,796 students applied for the loans, only 108,484 were approved as beneficiaries.
Regarding the 2025 budget proposal, he informed the Committee, led by Muntari Dandutse and Gboyega Isiaka, that the Agency had been allocated a budget envelope of N58.4 billion.
“Out of the N58.4 billion budgetary proposal for 2025, N12.2 billion is earmarked for personnel cost, N24.7 billion for overhead cost and N21.4 billion for capital expenditure”, he explained.
After consideration of the budgetary proposals of the Agency, the Joint Committee accordingly approved it through a voice vote of members.
Earlier before approval of the Agency’s 2025 budgetary proposals, the Chairman of the Joint Committee harped on transparency on the 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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