A report on February 1, 2025, quoted President Bola Tinubu as saying that the Nigerian Education Loan Fund (NELFUND) has so far disbursed the sum of N104 billion to 600,000 students across Nigeria.
A representative of the president and a director in the Federal Ministry of Education, Hajiya Rakiya Gambo Iliyasu, speaking at the 33rd Convocation of the Federal University of Technology, Minna, Niger State, stated that the initiative was part of the president’s agenda to ensure that financial challenges do not hinder Nigerians’ access to education.
The report has sparked outrage on social media, with critics demanding receipts and testimonies from the beneficiaries.
Verification
EduCheck reviewed the disbursement of student loans across government-owned institutions from 2024 to the time of this publication (February 3, 2025) and found that the agency in charge of student loans has only disbursed N20,074,050,000 to 192,906 students as tuition fees.
Records from NELFUND also show that 364,042 student loan applications have been received since the portal opened in 2024.
Additionally, a clarification from the Akintunde Sawyerr-led team indicates that N12,818,960,000 has been paid to 169,114 students as upkeep stipends, with each student receiving N20,000 per month.
Facts
NELFUND has disbursed N20,074,050,000, NOT N104 billion, as widely circulated.
192,906 students NOT 600,000 students have had their tuition fees paid through the loan,
When tuition fees are combined with upkeep stipends (N12,818,960,000), the total disbursed by NELFUND amounts to N32,893,010,000.
Verdict
The claim that the Nigerian Education Loan Fund (NELFUND) has disbursed N104 billion to 600,000 Nigerian students is a misinterpretation of facts and possibly an error on the part of whoever wrote the president’s speech at FUTMinna’s 33rd Convocation.
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