The Nigerian Education Loan Fund, NELFUND, on Thursday in Abuja announced that as of January 1, 2025, it has disbursed N116. 184 billion loans to students in Nigeria’s tertiary institutions.
The Fund stated that loans was for the upkeep of students across 176, 252 beneficiary institutions across the country.
NELFUND, however, lamented that it was given a paltry N58.4 billion budget envelope for 2025 fiscal year.
This was disclosed by the Managing Director of NELFUND, Akintunde Sawyer, during his budget defence presentation before the National Assembly Joint Committee on Tertiary Institutions and TETFUND.
Sawyer made the clarification that out of the N116.184 billion, N37.7 billion was expended on institution loan.
He said, “A total number of 352, 796 students applied for the loan out of which 108,484 were granted.”
The NELFUND boss informed the Senator Muntari Dandutse and Hon Gboyega Isiaka-led joint Committee that only N58.4 billion budget envelope was given to the agency.
“Out of the N58.4 billion budgetary proposal for 2025, N12.2 billion is earmarked for personnel cost. While N24.7 billion is for overhead cost and N21.4 billion for capital expenditure,” Sawyer explained.
However, after consideration of the Fund’s budgetary proposals, the Joint Committee accordingly approved budget through voice vote by members.
However, the Chairman of the Joint Committee, Senator Dandutse Muntari harped on transparency in the spending of appropriations. He pointed the need for prudency in managing the fund made for the agency in 2025 budget.
“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. This is because the agency plays an indispensable role in bridging financial gaps for students across our tertiary institutions,” he said.
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