The Nigerian Education Loan Fund (NELFUND), under the leadership of Akintunde Sawyerr, has responded to false claims circulating in the media that it had disbursed N104 billion to 600 beneficiaries of the student loan scheme. In a statement issued on Monday, February 3, 2025, the management of NELFUND corrected these inaccuracies, providing updated figures to clarify the extent of the fund’s disbursements.
According to the statement, NELFUND has received a total of 364,042 student loan applications, not the smaller number implied by previous reports. As of the latest update, the Fund has disbursed a total of N20,074,050,000 to cover institutional fees for 192,906 students across various tertiary institutions. Additionally, for student upkeep, NELFUND has allocated N12,818,960,000 to 169,114 students, providing each of them with a monthly stipend of N20,000 to support their living expenses.
The management stressed that the reports claiming N104 billion had been disbursed were completely false and that the Fund remains committed to maintaining transparency in its operations. They also acknowledged the continuous support of President Bola Ahmed Tinubu, who has been instrumental in making higher education accessible to deserving Nigerian students.
NELFUND emphasized its dedication to ensuring that the funds are allocated efficiently and fairly to eligible students, with a focus on empowering the next generation of leaders through accessible education. The Fund also promised to continue offering updates on the progress of the disbursements as they move forward, reaffirming its commitment to the success of the student loan scheme.
