STUDENT LOAN DISBURSEMENT HITS 54.2bn
Data from the Nigerian Education Loan Fund revealed that the student loan disbursement for the current cycle has hit N54.2bn. The breakdown of the latest figure indicated that the fees paid to institutions as of April 29, 2025, stood at N30,179,797, 649.20, while upkeep allowance paid to students stood at N24,036,160,000.00, totaling N54,215,957,649 20
The data, which was obtained from NELFUND, further revealed that 596,061 students had registered, while 546,511 applied for the loan, indicating 91 per cent of successful registration.
Managing Director of NELFUND, Akintunde Sawyer ,described the new development as progress, urging students who are interested in the loan to take advantage of the scheme to acquire education that would prepare them for great opportunities in the future. He encouraged students and school management to assist NELFUND in serving them better and promptly by supplying accurate information to the database to avoid unnecessary delay in the disbursements.. The student loan scheme is President Bola Tinubu’s flagship project in the education sector.
Barely a month after his inauguration, Tinubu signed the Access to Higher Education Act, which creates a legal framework for granting loans to indigent or low-income Nigerians to facilitate the payment of their fees in Nigerian tertiary institutions.
