Abuja, Nigeria – The Nigerian Education Loan Fund (NELFUND) has disbursed over N20 billion in institutional fees to 192,906 students across various tertiary institutions nationwide.

In a statement released today, NELFUND clarified that previous reports of N104 billion in disbursements were inaccurate. The Fund has received a total of 364,042 student loan applications, with N20,074,050,000 disbursed for tuition fees to the designated institutions.

Furthermore, NELFUND has disbursed over N12 billion in stipends to 169,114 students, providing each with a monthly stipend of N20,000.

This significant disbursement underscores the commitment of the Nigerian government to expanding access to higher education. The student loan scheme, a key initiative of President Bola Tinubu’s administration, was established through the Access to Higher Education Act. This legislation provides a legal framework for granting loans to Nigerian students from low-income families to cover their tuition fees in tertiary institutions.

The Act mandates NELFUND to manage all aspects of the loan process, from application and disbursement to loan repayment. The fund will be sustained through diverse revenue streams, ensuring its long-term viability.