Tinubu was represented at the event by a Director in the Federal Ministry of Education, Hajiya Rakiya Gambo Ilyasu.
Nigerian government has disbursed over N104 billion to 600 student-beneficiaries under NELFUND.
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 hardships 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.
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 N32.8 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.
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.
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 N32.8 billion had been disbursed as of February 3, 2025.