PRESIDENT Bola Ahmed Tinubu-led Nigerian government has claimed that over N104 billion had been disbursed to 600 student-beneficiaries under the Nigerian Education Loan Fund (NELFUND).
The government made the claim (archived here and here) on February 1, 2025, during the 42nd Founders’ Day and 33rd Convocation Ceremony of the Federal University of Technology, Minna in Niger State.
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Tinubu was represented at the event by a Director in the Federal Ministry of Education, Hajiya Rakiya Gambo Ilyasu.
CLAIM
Nigerian government has disbursed over N104 billion to 600 student-beneficiaries under NELFUND.
THE FINDINGS
Findings by The FactCheckHub show that the claim is FALSE, as official data from NELFUND contradicts it.
The Tinubu-led administration introduced the Nigerian Education Loan Fund (NELFUND) by signing the Students Loan Act in June 2023. This initiative aims to provide interest-free loans to Nigerian students in public tertiary institutions, enabling them to afford tuition fees amid the economic hardship in Nigeria. The Act was later amended and revised in April 2024.
Under the scheme, eligible students can apply for loans to cover their tuition fees, with the expectation that they will begin repayment two years after completing their education or securing a job.
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Managed by the Nigerian Education Loan Fund (NELFUND) in collaboration with commercial banks and other financial institutions, the goal is to alleviate the financial constraints that prevent many Nigerians from completing their tertiary education.
In a statement published on X, NELFUND clarified that the total disbursement under the student loan scheme stood at N32.89 billion, and not N104 billion as claimed by the president’s representative at the event.
The agency stated that it had received 364,042 applications and approved 192,906, while funds had been disbursed for institutional fees and monthly upkeep allowances.
“The Management of the Nigerian Education Loan Fund (NELFUND) under the leadership of Akintunde Sawyerr wishes to correct the inaccurate reports regarding the total amount disbursed under the Student Loan Scheme. Contrary to claims that over N104 billion has been disbursed to 600 beneficiaries, the actual figures are as follows:
“As of February 3, 2025, NELFUND has received a total of 364,042 student loan applications. So far, the Fund has disbursed a total of N20,074,050,000 for institutional fees, benefiting 192,906 students across various tertiary institutions.
“Additionally, for upkeep, NELFUND has disbursed N12,818,960,000 to 169,114 students, each receiving a monthly stipend of N20,000.
We appreciate the unwavering support of President Bola Ahmed Tinubu (GCFR) in making higher education accessible to all deserving Nigerian students. NELFUND remains committed to transparency and efficiency in managing the student loan scheme and will continue to provide accurate updates as disbursements progress,” part of the statement read.
NELFUND further noted that the claim of disbursing N104 billion to just 600 beneficiaries was inaccurate, as the actual number of approved applicants far exceeded this figure.
Multiple media outlets including the Voice of Nigeria (VON) and Blueprint newspaper also reported that the claim by the government’s representative was inaccurate.
In response to a Freedom of Information Act (FOIA) request sent to the Fund by our organisation, Akintunde Sawyerr, the Managing Director and Chief Executive Officer of NELFUND clarified that the N104 billion was the total loan amount already applied for by the students who registered for the scheme as of December 4, 2024 and unrelated to the amount disbursed. He added that the total loan applied for grew to N116 billion as of January 24, 2025.
“The N104 billion and N116 billion referred to on December 4, 2024 and January 24, 2025 respectively were total (loan) applications received by NELFUND from the launch of the portal (May 24, 2024) and as such represented committed funds displayed on our software dashboard as at those dates,” he said.
THE VERDICT
The claim that the Nigerian government disbursed over N104 billion to 600 student-beneficiaries under NELFUND is FALSE. Official data from the agency confirms that only N32.89 billion had been disbursed as of February 3, 2025.
EDITOR’S NOTE:
* This report has been updated with comments from the NELFUND following receipt of official response to a Freedom of Information Act (FOIA) request sent to the Fund by our organisation.
Nurudeen Akewushola is a fact-checker with FactCheckHub. He has authored several fact checks which have contributed to the fight against information disorder. You can reach him via nyahaya@icirnigeria.org and @NurudeenAkewus1 via Twitter.
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