By Nathaniel Zacchaeus, Abuja
The Nigerian Education Loan Fund (NELFUND) disclosed yesterday in Abuja that, as of January 2025, it had disbursed N116.184bn for the upkeep of students across 176,252 beneficiary institutions in the country.
The Education Loan Fund was given a paltry N58.4bn budget envelope for the 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 the budget defence session.
However, he clarified that N116.184 bn of the total was spent on an institution loan, and N37.7 bn was spent on other expenditures.
He said 352,796 students applied for the loan, while 108,484 were granted.
On the 2025 budgetary proposal, the NELFUND boss informed Senator Muntari Dandutse and Hon Gboyega Isiaka-led joint committee that the agency was given N58.4bn budget envelope.
“Out of the N58.4bn budgetary proposal 2025, N12.2bn is earmarked for personnel cost, N24.7bn for overhead cost, and N21.4bn for capital expenditure,” he explained.
After considering the agency’s budgetary proposals, the joint committee approved them by voice vote, which was then put to members.
Before the agency’s 2025 budgetary proposals were approved, the Chairman of the Joint Committee, Senator Dandutse Muntari, harped on transparency in spending 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 is indispensable in bridging financial gaps for students across our tertiary institutions,” he added.
*As Senate rejects 2025 budget proposal of investment and security tribunal
Meanwhile, the Senate Committee on Capital Markets yesterday rejected the Investments and Securities Tribunal’s 2025 budget proposal due to errors in the figures and items presented.
The committee chairman, Senator Osita Izunaso, decided a motion moved by Senator Seriake Dickson (PDP-Bayelsa) and seconded by Senator Aliyu Wadada (SDP-Nasarawa) during the agency’s budget defence by the Chairman, Amos Azi.
Izunaso directed the Chairman to return on Friday by noon to represent the budget.
Moving the motion, Dickson said, “Mr Chairman, if you permit, that with the grilling that they have seen, he has also publicly owned up to the shortcomings and errors on behalf of his team.
“Therefore, Mr. Chairman, at any point that pleases you, I think they can return to correct whatever has to be corrected and meet with the leadership of this committee.”
After being grilled by lawmakers, the chairman of the Investments and Securities Tribunal, Mr. Amos Azi, apologized for the discrepancies observed in the budget document.
Earlier, Izunaso said that 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 pay close attention to the tribunal’s plans for enhancing its operations, expanding its reach, and addressing emerging challenges in the capital market.”
