Nigerian Education Loan Fund, NELFUND, Denies Disbursing N104Billion In Student Loans To 600,000 Beneficiaries
The Management of the Nigerian Education Loan Fund (NELFUND) has debunked the report that it has disbursed a total of N104 billion to 600,000 beneficiaries across the country since it was flagged off.
The Fund under the leadership of Akintunde Sawyerr, made the denial in a statement while reacting to media reports that the Fund has disbursed the sum of N104 billion to 600,000 beneficiaries under the Student Loan Scheme.
It described the reports as inaccurate.
Some media reports claimed that President Bola Tinubu announced that the student loan scheme has benefitted 600,000 students across the country with over N104 billion already disbursed.
President Tinubu was reported to have made this known on Saturday in a message to the 33rd Convocation of the Federal University of Technology, Minna, Niger State.
The President was represented at the event by a Director in the Federal ministry of Education, Hajiya Rakiya Gambo Ilyasu.
But reacting to the report, NELFUND in a statement issued on Monday, said the reports are contrary to the actual figures it has.
NELFUND said, “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 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.” (SaharaReporters)
