The Nigerian Education Loan Fund (NELFUND) has disclosed that only N58.4bn has been allocated to the office in the 2025 budget proposal, about 50% of the N116.184 billion it got in 2024.
NELFUND’s Managing Director, Mr Akintunde Sawyer, disclosed this on Thursday – yesterday, January 23 –Â Â during a budget defense session before the National Assembly Joint Committee on Tertiary Institutions and TETFUND, chaired by Senator Muntari Dandutse and Hon. Gboyega Isiaka.
Sawyer explained that out of the N116.184 billion disbursed so far, N37.7 billion was spent on institutional loans, explaining that while 352,796 students applied for loans, only 108,484 beneficiaries were approved, even as students in 176,252 institutions had received financial support as at January 1, 2025.
Giving a breakdown of the N58.4 billion allocation, Sawyer said N12.2 billion is for personnel costs, N24.7 billion for overhead costs and N21.4 billion for capital expenditure.
In his remarks, Senator Dandutse emphasised the need for transparency in the utilisation of funds and the alignment of NELFUND’s activities with national educational goals.
“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 because the agency plays an indispensable role in bridging financial gaps for students across our tertiary institutions,” he stated.
