The Nigerian Education Loan Fund (NELFUND) has said it had disbursed a total of N32,893,010,000 and not N104 billion to students under the student loan scheme.
The agency made the clarification in a statement yesterday in Abuja in reaction to reports on how much it had disbursed under the loan scheme.
The statement reads: “The management of the Nigerian Education Loan Fund (NELFUND) under the leadership of Akintunde Sawyerr wishes to correct the inaccurate reports regarding the total amount disbursed under the Student Loan Scheme. Contrary to claims that over N104 billion has been disbursed to 600 beneficiaries, the actual figures are as follows:
“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 (GCFR) 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.”
