N58.85 billion has been disbursed by the Nigerian Education Loan Fund to cover the tuition and maintenance costs of more than 550,000 students in just one year, despite controversy surrounding the fund’s disappearance.
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The news was announced on Saturday by NELFUND’s Director of Corporate Communications, Oseyemi Oluwatuyi, in a statement commemorating the agency’s formation one year ago, on May 24, 2024, by President Bola Ahmed Tinubu.
During the past year, NELFUND has processed more than 550,000 loan applications and 600,000 student registrations.
The federal government of Nigeria has shown a strong commitment to empowering students by removing financial barriers to higher education, and this milestone underscores that.
The statement partially states, “In just twelve months, NELFUND has transformed access to education financing with over 600,000 students registered and over 550,000 successful loan applications; ₦56.85 billion disbursed to cover tuition fees and provide upkee “p. This is in the midst of controversy surrounding the N71 billion in unexplained funds in NELFUND.
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You may recall that NELFUND was announced to be under investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) three weeks ago due to inconsistencies in the distribution of funds to students through the program. Akintunde Sawyerr, managing director of NELFUND, stressed, nonetheless, that no funds were gone.
The funds are all there. No funds have been pilfered. In an interview with Channels Television on May 4, 2025, he mentioned that there were some problems with the part where humans are involved.