The Federal Government, in its proposed N49.74 trillion 2025 budget, has earmarked N175.13 million for the Nigerian Education Loan Fund.
Established under the Student Loan Act, 2024, NELFUND aims to provide financial assistance to eligible Nigerian students pursuing higher education.
This N175.13 million allocation to the NELFUND is part of the 2025 Federal Government’s final budget proposal, which outlines the breakdown of funds across various sectors.
In the proposed 2025 Federal Government budget, N124.08 million is allocated for the salary and wages of employees within the Nigerian Education Loan Fund (NELFUND), intended to cover payments across various government departments.
Additionally, N32.72 million is designated for regular allowances, which include financial benefits beyond basic salaries.
In the proposed 2025 Federal Government budget, N12.13 million is allocated for the Contributory Pension – Employers’ Contribution, ensuring employees have a source of income during their retirement years.
Additionally, N6.20 million is earmarked for the National Health Insurance Authority, a key initiative aimed at providing universal health coverage in Nigeria.
NELFUND was signed into law under the current administration of President Bola Tinubu on April 3, 2024, marking a historic milestone in providing sustainable support for higher education and functional skill development for Nigerian students and young people.
The primary objective of the NELFUND is to provide financial support to eligible Nigerians for tuition, fees, and living expenses at approved tertiary and vocational institutions across Nigeria.
NELFUND is governed by a board of directors that includes representatives from key ministries, regulatory bodies, and participating agencies, such as the Federal Ministries of Finance and Education. The Managing Director, Akintunde Sawyerr, oversees the day-to-day operations of the fund.