The 2025 Federal Budget, proposed at N49.74 trillion, allocates N175.13 million to the Nigerian Education Loan Fund (NELFUND).

NELFUND is a key financial body under the federal agency, created to offer loans to qualified Nigerian students pursuing higher education, as outlined in the Student Loan Act of 2024.

This funding comes from the 2025 Federal Government's final budget proposal, which details how money will be distributed across different sectors.

In this budget, N124.08 million is specifically allocated for the salaries and wages of NELFUND employees, ensuring they are compensated across various government departments.

Out of the total, N32.72 million is designated for regular allowances, which provide additional financial perks beyond just salaries.

Moreover, the budget sets aside N12.13 million for the Contributory Pension – Employers’ Contribution, a vital measure that guarantees individuals will have income during retirement.

Another important aspect is the allocation of N6.20 million for the National Health Insurance Authority (NHIS), which aims to deliver universal health coverage in Nigeria.

NELFUND was officially enacted into law by the administration of President Bola Tinubu on April 3, 2024, representing a significant advancement in promoting sustainable higher education and practical skill development for Nigerian students and youth.

The main goal of this initiative is to offer financial assistance to eligible Nigerians for their tuition, fees, and living expenses at accredited tertiary and vocational institutions across Nigeria.

The fund is overseen by a board of directors that includes representatives from pertinent ministries, regulatory agencies, and participating organizations, such as the Federal Ministries of Finance and Education. The management team is headed by Managing Director Akintunde Sawyerr, who is responsible for the daily operations.

On January 1, 2025, Akintunde Sawyerr shared the organization's objectives and aspirations for the year, highlighting the need for technological enhancements to facilitate prompt processing.

Sawyerr also noted that there are currently 340,000 student loan applicants, with a target of increasing this number to 1.8 million within the next 12 to 18 months, as reported on Channels TV.

In 2024, President Bola Tinubu announced the allocation of N50 billion each to the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP) from funds recovered by the Economic and Financial Crimes Commission (EFCC).

On January 3, 2025, NELFUND reported a successful disbursement of N419,723,446 to 3,032 deserving students at the Federal University of Lafia via their official X (Twitter) account.