Contrary to the spreading reports that The Nigerian Education Loan Fund (NELFUND) has disbursed over N104 billion to 600 beneficiaries, the management of the Fund have stated that it has disbursed over N32 billion in loans to students across various tertiary institutions in the country.
The management of the Fund made this known in a statement on Monday while addressing inaccurate reports on loan disbursement figures published by a section of the media.
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The statement clarified that, so far, the Fund has disbursed a total of N20,074,050,000 for institutional fees, benefiting 192,906 students across various tertiary institutions.
NELFUND also revealed that it has disbursed N12,818,960,000 to 169,114 students for upkeep, with each recipient receiving a monthly stipend of N20,000.
The statement reads:
“The management of the Nigerian Education Loan Fund (NELFUND), under the leadership of Akintunde Sawyerr, wishes to correct inaccurate reports regarding the total amount disbursed under the Student Loan Scheme.
“Contrary to claims that over N104 billion has been disbursed to 600 beneficiaries, the actual figures are as follows:
“As of February 3, 2025, NELFUND has received a total of 364,042 student loan applications. So far, the Fund has disbursed a total of N20,074,050,000 for institutional fees, benefiting 192,906 students across various tertiary institutions.
“Additionally, for upkeep, NELFUND has disbursed N12,818,960,000 to 169,114 students, each receiving a monthly stipend of N20,000.
“We appreciate the unwavering support of President Bola Ahmed Tinubu (GCFR) in making higher education accessible to all deserving Nigerian students. NELFUND remains committed to transparency and efficiency in managing the student loan scheme and will continue to provide accurate updates as disbursements progress,” the statement concluded.
