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<\/p>\nA total of 680,658 loans totaling \u20a6116,184 billion have been disbursed by the Federal Government, including both institutional and maintenance loans.<\/p>\n
Dr. Akintude Sawyer, the Nigerian Education Loan Fund\u2019s Managing Director (NELFUND), revealed this during the agency\u2019s 2025 budget defense.<\/p>\n
According to Sawyer, upkeep loans reach \u20a678 billion, while institutional loans make up \u20a637 billion.<\/p>\n
However, for the fiscal year 2025, the Education Loan Fund received a meager N58.4 billion funding envelope.<\/p>\n
\u201cWe have successfully paid student fees for many beneficiaries, reducing dropout rates from higher institutions,\u201d he stated, citing \u201creduction in dropout rates\u201d as one of the NELFUND\u2019s major accomplishments.<\/p>\n
He noted that the organization\u2019s giving approved students maintenance loans has relieved \u201cfamilies, relieving them of not only tuition burdens but also daily expenses.\u201d<\/p>\n
\u201cStudents are better positioned to excel academically when financial stress is removed, leading to improved academic performance.\u201d<\/p>\n
Another accomplishment is the stability of academic calendars, as the availability of these loans has helped to lessen disruptions that directly affect students and their families, including strikes by academic staff.<\/p>\n
He claims that out of the 352,796 pupils who applied for the loan, 108,484 were granted it.<\/p>\n
Regarding the 2025 budget proposal, the head of NELFUND told the joint committee led by Senator Muntari Dandutse and Hon. Gboyega Isiaka that the agency had been handed a budget envelope worth N58.4 billion.<\/p>\n
He clarified that N12.2 billion of the N58.4 billion budgetary request for 2025 is set aside for personnel costs, N24.7 billion for overhead costs, and N21.4 billion for capital expenditures.<\/p>\n
Following a review of the agency\u2019s budgetary plans, the joint committee gave its approval by a vote of its members.<\/p>\n
Before the agency\u2019s 2025 budgetary plans were approved, Senator Dandutse Muntari, the joint committee chairman, emphasized the importance of transparency about the use of the agency\u2019s 2025 allocations.<\/p>\n
Because the organization is essential in helping students in all of our postsecondary institutions close financial gaps, he stated, \u201cWe will review NELFUND\u2019s financial plan for the next fiscal year to assess its alignment with national educational goals and its capacity to meet the growing demands for student loans.\u201d<\/p>\n
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