The Nigerian Education Loan Fund (NELFUND) has announced that it has successfully disbursed a total of N116.184 billion to support the welfare of students across 176,252 beneficiary institutions nationwide. This development, revealed in Abuja, is a significant step in bridging the financial gap for tertiary education in Nigeria.
According to NELFUND’s Managing Director, Akintunde Sawyer, the loan fund catered to the educational needs of 352,796 students, of whom 108,484 beneficiaries were granted loans. Despite this progress, NELFUND received a modest N58.4 billion budget for the 2025 fiscal year. The funds are divided across personnel costs, overheads, and capital expenditure.
During a joint budget defense session with the National Assembly Committee on Tertiary Institutions and TETFund, Sawyer explained that NELFUND’s activities were vital in addressing the growing demands for student loans. He emphasized that the budget allocation would be critical for maintaining the continuity of its operations, ensuring the successful implementation of its objectives, and meeting the needs of students nationwide.
The committee approved NELFUND’s budget after a thorough review, with calls for increased transparency in the disbursement of funds to ensure alignment with the nation’s educational goals. Senator Muntari Dandutse, the Chairman of the joint committee, reaffirmed the need for transparency in the financial management of student loans.
Meanwhile, the Senate Committee on Capital Market rejected the 2025 budget proposal of the Investments and Securities Tribunal (IST) due to discrepancies in the submitted figures. IST’s Chairman, Amos Azi, apologized for the errors, promising to return to correct the issues. The tribunal’s critical role in resolving capital market disputes was also emphasized, with significant strides made in resolving disputes worth over N1 trillion since its inception in 2003.
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