NELFUND, Denies Disbursing N104Billion Student Loans to 600,000 Beneficiaries

• Says only N32.9bn distributed to 362,020 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.

Rather, the fund disclosed that only N32, 893,010 billion, in two different segments has been disbursed across 362,020 student beneficiaries.

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 however described the data presentation in the reports as inaccurate.

Some media reports claimed that Nigerian 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 February 02, 2025 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. Meanwhile, reacting to the presidential report, NELFUND in a statement issued on Monday, said the reports were untrue, and 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.”

Meanwhile, it was however not disclosed how many of the 192,902 students’ beneficiaries of the N20, 074,050,000 also benefited from the N12, 818,960,000 billion which reached 169,114 students.

This becomes imperative hence, a student beneficiary appearing in the two segments would amount to duplication of name.