The Nigerian Education Loan Fund (NELFUND) has disclosed that it has so far disbursed N116. 184billion for upkeep of students across the benefitting institutions in the country as of January 1, 2025.

The Managing Director of NELFUND, Akintunde Sawyer, disclosed this when he appeared before the National Assembly Joint Committee on Tertiary Institutions and TETFund during the 2025 budget defence yesterday in Abuja. He said a total of 352, 796 students applied for the loan, while 108,484  benefitted.

He also disclosed that NELFUND only has an allocation of N58.4billion as budget envelope for the 2025 fiscal year.

The managing director said, “Out of the N58.4billon budgetary proposal for 2025, N12.2billion is earmarked for personnel cost, N24.7billion for overhead cost and N21.4billion for capital expenditure.”

After consideration of budgetary proposals for the agency, the joint committee accordingly approved it through a voice vote.