The Federal Government says it has disbursed over N34 billion in student loans to over 300,000 students across Nigeria. This was revealed by President Bola Tinubu during the 2025 Budget presentation at the National Assembly on Wednesday.
The student loan scheme is being executed through the Nigerian Education Loan Fund (NELFUND) established in April 2024.
Read also: Budget: Security, infrastructure, education top Tinubu 2025 priorities
In October 2024, the Managing Director of NELFUND, Akintunde Sawyerr noted that they had received over 350,000 applications with over N10 billion disbursed. On NELFUND’s website, it is indicated that they have received about 323,596 loan applications.
Sawyerr who was speaking to the House of Representatives at the time noted that the fund committed to disburse N90 billion in tuition fees and stipends. He also noted in a press conference that the Fund anticipates that the total number of registrants may reach 2.1 million in 2025.
In the 2025 proposed budget, the Federal Government proposed an expenditure of N3.5 trillion for the education sector. According to the Budget Office of the Federation, the Federal Government is projecting an Education Tax revenue of N990 billion.
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