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192,906 students receive N20.08 billion from the NELFUND in January 2025.

As of January 1, 2025, the Nigerian Education Loan Fund (NELFUND) reported that N20.08 billion had been disbursed to 192,906 students at 133 Nigerian higher institutions.

This substantial investment seeks to ease financial pressures while assisting students in their academic endeavors.

The information was made public on Monday through NELFUND’s official X (formerly Twitter) account.

The post contained comprehensive documents listing the schools, the number of pupils who would benefit, and the matching funding allotted to each school.

The largest allocation went to Bayero University Kano (BUK), which is situated in Kano State. A total of N1,339,145,000 in funding was granted for 11,683 students.

The University of Maiduguri in Borno State came in second with 12,198 authorized students and N1,271,428,000 in disbursements. Third place went to the University of Jos in Plateau State, which received N941,404.00 in financing for 6,988 students.

The smallest payout, N106,300 for two students, went to Abia State Polytechnic, which was at the bottom end of the scale. Nwafor Orizu College of Education in Nsugbe, Anambra State, and Gombe State Polytechnic Bajoga came next.

More insight

The three organizations from each of the six geopolitical zones that were given the largest allocations in the NELFUND’s January 1, 2025, payout are described in this section.

The largest allocation in the North West went to Bayero University Kano (BUK), where N1,339,145,000 in funding for 11,683 students was authorized. Federal University Dutse obtained N593,320,000 for 5,451 students, while Federal University Dutsin-Ma came in second with N909,476,450 for 8,978 students.

With a budget of N1,271,428,000 for 12,198 students, the University of Maiduguri was the largest institution in the Northeast. Modibbo Adama University in Adamawa was given N528,511,350 for 5,849 students, while Federal University Kashere was given N544,088,500 for 4,199 students.

With N941,404,000 for 6,988 students, the University of Jos received the largest payout in the North Central region. The University of Ilorin was given N272,300,260 for 2,973 students, while Federal University Lafia was given N419,723,446 for 3,032 students.

The University of Lagos was given N557,658,375 for 3,685 students, while the University of Ibadan in the South West was given N746,133,650 for 4,907 students. N549,197,000 was obtained by Ekiti State University for 2,553 students.

With N433,728,200 for 5,177 students, the University of Uyo was given the largest allocation in the South. Ignatius Ajuru University of Education in Rivers State earned N163,036,500 for 1,353 students, while the University of Calabar received N182,668,000 for its students.

In the South East, N293,273,000 was given to Ebonyi State University for 2,442 students, N274,251,000 to Alex Ekwueme Federal University Ndufu for 1,478 students, and N182,446,440 to Michael Okpara University of Agriculture in Umudike for 1,483 students.

What you should know

To eliminate financial obstacles to education and guarantee access for all Nigerian students, irrespective of their financial situation, the updated Student Loan Act 2024 was created.

In the current economic environment, where many families find it difficult to pay for education, this strategy is essential. The Act guarantees that no student is turned away because of financial difficulties by encouraging inclusivity.

The Federal Inland Revenue Service (FIRS), Nigerian Immigration Service, and Nigerian Customs Service each contribute 1% of their earnings to the NELFUND. Other sources include endowments, education bonds, individual donations, and government earnings from natural resources

Tuition, fees, and living expenses are covered by the loans, which must be repaid two years after the National Youth Service Corps (NYSC) program is over.

Over N10 billion had been disbursed by NELFUND by October 2024. As of January 1, 2025, alone, an additional N20.08 billion had been distributed, demonstrating the Fund’s expanding influence across the country.