The Nigerian Education Loan Fund (NELFUND) has dismissed reports in the media claiming that the agency has so far disbursed N104 billion to 600 beneficiaries since inception.
The fund rather said a total of N32.89 billion has so far been disbursed to Nigerian students in tertiary institutions under its student loan scheme.
In a statement released on behalf of the fund’s management by the Director of strategic Communications, Mrs.Oluwatuyi Oseyemi Anne on Monday, the agency clarified that out of the total sum of N32.89, the sum of N20.07 billion was allocated for tuition fees, benefiting 192,906 students, while N12.82 billion was disbursed as upkeep allowances to 169,114 students, each receiving a monthly stipend of N20,000.
The agency, led by Akintunde Sawyerr, dismissed the report on the disbursement of N104 billion to 600 beneficiaries as incorrect and reaffirmed its commitment to transparency and efficiency in managing the student loan scheme.
The statement reads in full:
“The Management of the Nigerian Education Loan Fund (NELFUND) under the leadership of Akintunde Sawyerr wishes to correct the 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”
NB: A Copy of the Statement below.
Good morning my good people of the press.
Kindly assist to circularise this information.
SETTING THE RECORD STRAIGHT ON STUDENT LOAN DISBURSEMENT FIGURES
The Management of the Nigerian Education Loan Fund (NELFUND) under the leadership of Akintunde Sawyerr wishes to correct the 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.
Signed
Management
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