FG sets aside N175.13m for NELFUND in 2025 budget

• Published On: 09 January 2025 at 20:28

The Nigerian Education Loan Fund will receive N175.13 million from the Federal Government as part of its proposed N49.74 trillion 2025 budget.

Established under the Student Loan Act of 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 details the distribution of funds across various sectors.

The proposed 2025 Federal Government budget allocates N124.08 million for employee salaries and wages within the Nigerian Education Loan Fund (NELFUND), which will cover payments across various government departments.

Additionally, N32.72 million is set aside for regular allowances, which include financial benefits beyond basic salaries.

The proposed 2025 Federal Government budget includes N12.13 million for the Contributory Pension - Employers' Contribution, which ensures employees have a source of income during their retirement years.

Furthermore, N6.20 million is set aside for the National Health Insurance Authority, a key initiative aimed at ensuring universal health coverage in Nigeria.

On April 3, 2024, President Bola Tinubu signed NELFUND into law, marking a historic step towards providing long-term support for higher education and functional skill development for Nigerian students and young people.

The primary goal of the NELFUND is to provide financial assistance to eligible Nigerians for tuition, fees, and living expenses at approved tertiary and vocational institutions throughout Nigeria.

NELFUND is led by a board of directors comprised of representatives from key ministries, regulatory bodies, and participating agencies, including the Federal Ministries of Finance and Education. The fund's day-to-day operations are overseen by its Managing Director, Akintunde Sawyerr.