Budget Defence: NELFUND Has Disbursed N116.184bn Student Loans So Far, Says MD
•Gets N58.4bn budget envelope for 2025
•Senate rejects 2025 budget proposal of investment and security tribunal
Sunday Aborisade in Abuja
The Nigerian Education Loan Fund (NELFUND), disclosed yesterday in Abuja that it had disbursed N116. 184billion for upkeep of students across 176, 252 beneficiary institutions in the country, as of January, 2025.
The Education Loan Fund was however given a paltry N58.4billion budget envelope for 2025 fiscal year.
The Managing Director of NELFUND, Akintunde Sawyer, stated these in his presentation before the National Assembly joint Committee on Tertiary Institutions and TETFUND during budget defence session.
He, however clarified that out of the N116.184billion, N37.7billion was expended on institutions loan.
He said a total number of 352, 796 students applied for the loan, while 108,484, were given.
On the 2025 budgetary proposal, the NELFUND boss informed the Senator Muntari Dandutse and Hon. Gboyega Isiaka-led joint committee that a sum of N58.4billion budget envelope was given the agency.
“Out of the N58.4billon budgetary proposal for 2025, N12.2billion is earmarked for personnel cost, N24.7billion for overhead cost and N21.4billion for capital expenditure, ” he explained.
After consideration of budgetary proposals of the agency the joint committee accordingly approved it through voice vote put to members.
Earlier before approval of the agency’s 2025 budgetary proposals, the Chairman of the joint Committee, Senator Dandutse Muntari harped on transparency on spending of appropriations made for the agency in 2025.
“We will examine NELFUND’s financial plan for the upcoming fiscal year to evaluate its alignment with national educational goals and its capacity to meet the growing demands for student loans.
“This is because the agency plays an indispensable role in bridging financial gaps for students across our tertiary institutions,” he added
Meanwhile, the Senate Committee on Capital Market, yesterday rejected the 2025 budget proposal of the Investments and Securities Tribunal due to errors in the figures and items presented.
Chairman of the Committee, Senator Osita Izunaso, took the decision after a motion moved by Senator Seriake Dickson (PDP-Bayelsa) and seconded by Senatoe Aliyu Wadada (SDP-Nasarawa), during the agency’s budget defence by the Chairman, Amos Azi.
Izunaso directed the chairman to return on Friday by 12 noon to re-present the budget.
Moving the motion, Dickson said: “Mr. Chairman, if you permit, that with the grilling that they have seen, he has also publicly, on behalf of his team, owned up to the shortcomings and errors.
“Therefore, Mr. Chairman, at any point that pleases you, I think they can return back to correct whatever has to be corrected and meet with the leadership of this committee.”
The chairman of Investments and Securities Tribunal, Mr. Amos Azi after the grilling by the lawmakers apologized for the discrepancies observed in the budget document.
Earlier, Izunaso said the Investment and Securities Tribunal played a critical role in resolving disputes arising from transactions in the capital market.
He said: “With a mandate to exclusively resolve these disputes, the tribunal has provided comfort and confidence to investors, thereby promoting the growth and development of our capital market.
“In recent years, the tribunal has made significant strides in resolving disputes. Notably, it has resolved disputes worth over N1 trillion since its inception in 2003.
“This is a testament to the tribunal’s commitment to ensuring that our capital market operates with integrity and transparency.
“As we review the 2025 budget proposal, we will be paying close attention to the tribunal’s plans for enhancing its operations, expanding its reach, and addressing emerging challenges in the capital market.”
