The Nigerian Education Loan Fund (NELFUND) has dismissed claims that it has disbursed a staggering N104 billion to 600,000 beneficiaries under the Student Loan Scheme, labeling such reports as false and misleading.
This clarification follows recent media reports suggesting that President Bola Ahmed Tinubu had announced the figures during the 33rd Convocation Ceremony of the Federal University of Technology, Minna, Niger State. The President, who was represented by Hajiya Rakiya Gambo Ilyasu, a Director in the Federal Ministry of Education, was quoted as stating that over N104 billion had been distributed to 600,000 students across the country.
However, in a strongly worded statement issued on Monday, NELFUND, led by Akintunde Sawyerr, refuted these claims, emphasizing that the actual disbursement figures are significantly lower.
“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,” the statement read.
Additionally, the Fund disclosed that for student upkeep, it 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.”
The clarification by NELFUND aims to correct public misconceptions and reassure Nigerians of its commitment to accountability and efficient fund management.
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