According to the Nigerian Education Loan Fund (NELFUND), as of January 1, 2025, it had disbursed N116.184 billion for student maintenance across 176,252 recipient schools nationwide.

This was said by Akintunde Sawyer, the managing director, during his appearance before the National Assembly joint committee on tertiary institutions and TETFUND on Thursday in Abuja to defend the agency’s budget. According to him, N37.7 billion of the N116.184 billion was used for institution loans. According to him, out of the 352, 796 pupils who applied for the loan, 108,484 were granted it. The head of the NELFUND stated that a funding envelope of N58.4 billion was suggested for the organization in the 2025 budget plan.

He clarified that N12.2 billion, N24.7 billion, and N21.4 million of the N58.4 billion budgetary request for 2025 are set aside for personnel costs, overhead costs, and capital expenditures, respectively. The joint committee adopted the agency’s budgetary plans by a voice vote of its members after reviewing them. Prior to the NELFUND’s budget request being approved, Sen. Dandutse Muntari, the joint committee chairman, emphasized the importance of maintaining transparency regarding the use of the appropriations authorized for the organization in 2025.

In order to assess whether NELFUND’s financial plan for the next fiscal year is in line with national educational objectives and its ability to satisfy the rising demand for student loans, we will look at it. “The organization is essential in helping students in all of our postsecondary schools close their financial disparities,” Mr. Muntari stated.