Student Loan Disbursement: Why BUK and UNIMAID Receive 71%?

In a significant boost to higher education accessibility in Nigeria, the Federal Government has disbursed over N2 billion in student loans to more than 20,000 students across six universities in the country.

Economic Confidential reports that Bayero University Kano (BUK) was the largest beneficiary, receiving N853,775,000.00 in loans for 7,788 students, which accounts for 42 percent of the total disbursement from the Nigerian Education Loan Fund.

The University of Maiduguri (UNIMAID) followed closely, receiving N589,001,500.00 for 5,839 students, or 29 percent of the total.

Other universities that received significant loan amounts include:

– Federal University, Dutsin-Ma: N304,961,800.00 for 3,540 students
– University of Ibadan: N201,114,650.00 for 1,570 students
– University of Ilorin: N52,897,890.00 for 902 students
– University of Benin: N24,412,500.00 for 432 students

In total, the government disbursed N2,026,163,340.00 in student loans to 20,371 beneficiaries across these six institutions, providing much-needed financial support to increase access to quality higher education.

This student loan scheme is part of President Bola Tinubu’s broader efforts to address the challenges of funding and affordability that have long hindered many Nigerians from pursuing university education. By easing the financial burden on students and their families, the program aims to open up opportunities for more young people to acquire the skills and knowledge needed to drive the country’s development.

Economic Confidential further reports that these figures do not include monthly upkeep, which is being processed directly to the students’ accounts.

GANIYU MUBARAK Authored The Report