We Did Not Disburse N104 Billion in Student Loans to 600,000 Beneficiaries – NELFUND Disputes Statement Attributed to President Tinubu

The Nigerian Education Loan Fund (NELFUND) has refuted claims that it has disbursed N104 billion to 600,000 students under the Student Loan Scheme. The clarification comes in response to media reports suggesting that President Bola Tinubu announced the figures during the 33rd Convocation Ceremony of the Federal University of Technology, Minna, where he was represented by a Director in the Federal Ministry of Education, Hajiya Rakiya Gambo Ilyasu.

In a statement issued on Monday, NELFUND described the reports as inaccurate, providing its own verified data. According to the Fund, as of February 3, 2025, it has received 364,042 student loan applications. So far, N20,074,050,000 has been disbursed for institutional fees, benefiting 192,906 students across tertiary institutions. Additionally, N12,818,960,000 has been allocated for student upkeep, with 169,114 students receiving a monthly stipend of N20,000.

NELFUND expressed its gratitude for President Tinubu’s support in making higher education more accessible to Nigerian students. The agency reaffirmed its commitment to transparency and efficiency in managing the student loan scheme, pledging to provide accurate updates as disbursements progress.