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Nearly 200,000 students obtain student loan in less than one year – NELFUND

THE Nigerian Education Loan Fund (NELFUND) has revealed that 192,906 students have benefited from the Fund since its launch in 2024.

statement by NELFUND, on Monday, February 3, via its X handle, stated that as of February 3, 2025, it received 364,042 applications. 

Out of the number, N20 billion (N20,074,050,000) was disbursed for institutional fees, which directly benefited 192,906 students across various tertiary institutions.

The statement added that in addition to institutional fees, N12,818,960,000 was allocated for 169,115 students’ upkeep, who each receive a monthly stipend of N20,000. 

The ICIR reports that these figures contrast with recent reported claims by President Bola Tinubu at the 33rd Convocation of the Federal University of Technology, Minna. 

At the event, the president, represented by Rakiya Gambo Ilyasu of the Federal Ministry of Education, stated that NELFUND had disbursed over N104 billion to 600,000 students.



This figure sparked reactions about the reach and impact of the initiative.

In his address, the president emphasised the administration’s commitment to revamping the education sector. 




     

     

    According to him: “The NELFUND programme aims to provide financial support to students, bridging the gap between financial challenges and access to higher education. With this significant investment, the government is empowering students to pursue their academic dreams, driving human capital development, and fostering a knowledge-driven society,” he stated.

    He further said the government had allocated N940.5 billion to the Tertiary Education Trust Fund (TETFund) in the 2025 budget.

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    Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill into law on Wednesday, April 3, 2024, following approval by the Senate on Wednesday, March 20.

    Although the Act is touted to ease access to tertiary education for Nigerian students, members of the Academic Staff Union of Universities (ASUU) have continued to describe it as an attempt by the government to abandon public universities’ funding. 

    Usman Mustapha is a solution journalist with International Centre for Investigative Reporting. You can easily reach him via: umustapha@icirnigeria.com. He tweets @UsmanMustapha_M

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