…Gets N58.4 bn budget envelope for 2025

Nigerian Education Loan Fund (NELFUND), on Thursday, disclosed that it has disbursed N116. 184 billion for the upkeep of students across 176, 252 beneficiary institutions in the country as of 1st January 2025.

Despite the enormity of the responsibility of the agency, the Education Loan Fund was, however, given a paltry sum of N58.4 billion budget envelope for the 2025 fiscal year.

The Managing Director of NELFUND, Akintunde Sawyer, who made this disclosure in his presentation during a budget defence session with the National Assembly joint Committee on Tertiary Institutions and TETFUND, however, 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, while 108,484, were given.

On the 2025 budgetary proposal, the NELFUND boss informed Senator Muntari Dandutse and Hon Gboyega Isiaka led joint Committee that a total of 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 N21.4billion for capital expenditure”, he explained.

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

Earlier before approval of the agency’s 2025 budgetary proposals, the Chairman of the Joint Committee, Senator Dandutse Muntari, stressed transparency on 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.