The Nigerian Education Loan Fund, NELFUND, declared in Abuja on Thursday that as of January 1, 2025, it has disbursed N116. 184 billion for the upkeep of students across 176, 252 beneficiary institutions in the country.
NELFUND, however, was given a paltry N58.4 billion budget envelope for 2025 fiscal year.
The Managing Director of NELFUND, Akintunde Sawyer, who stated these in his presentation before the National Assembly Joint Committee on Tertiary Institutions and TETFUND during budget defence session, clarified that out of the N116.184 billion, N37.7 billion was expended on institution loan.
According to him, a total number of 352, 796 students applied for the loan out of which 108,484 were granted.
On the 2025 budgetary proposal, the NELFUND boss informed the Senator Muntari Dandutse and Hon Gboyega Isiaka-led joint committee that only N58.4 billion budget envelope was given to the agency.
“Out of the N58.4 billion budgetary proposal for 2025, N12.2 billion is earmarked for personnel cost, N24.7 billion for overhead cost and N21.4 billion for capital expenditure,” he explained.
After consideration of budgetary proposals of the agency, the joint committee accordingly approved it through voice vote by members.
Earlier, before the approval of the agency’s 2025 budgetary proposals, the chairman of the joint committee, Senator Dandutse Muntari harped on transparency in the spending of appropriations made for the agency in 2025.
“We will examine NELFUND’s financial plan for the upcoming fiscal year to evaluate its alignment with national educational goals and its capacity to meet the growing demands for student loans because the agency plays an indispensable role in bridging financial gaps for students across our tertiary institutions,” he said.
