The Federal Government in the proposed N49.74 trillion 2025 budget has allocated approximately N175.13 million to the Nigerian Education Loan Fund (NELFUND).
The Nigerian Education Loan Fund (NELFUND), a pivotal financial institution under the federal agency, was established to provide loans to eligible Nigerian students for higher education, under the Student Loan Act, 2024.
This allocation is obtained from the 2025 Federal government’s Final budget proposal highlighting the breakdown of funds across various sectors.
In the proposed budget, an allocation of N124.08 million is earmarked for the salary and wages of NELFUND’s employees as this is designated to cover the payment across various government departments.
Of the total amount, N32.72 million is allocated to regular allowances which cover financial benefits beyond the salary.
Additionally, the proposed budget allocates N12.13 million for the Contributory Pension – Employers’ Contribution, which is an essential provision that ensures individuals have a source of income during their retirement years.
Another crucial initiative is the National Health Insurance Authority (NHIS) N6.20 million’ The NHIS is a health insurance scheme in Nigeria that aims to provide universal health coverage.
