The Nigerian Education Loan Fund announced on Wednesday that it has disbursed a total of N1.17 billion to 20,000 students across five public tertiary institutions that applied for the loan.
According to The PUNCH, furing a news conference in Abuja, NELFUND Managing Director Akintunde Sawyerr revealed that the fund aims to increase the number of beneficiaries as more applications are received.
Sawyerr stated, “I am delighted to share that following President Bola Tinubu’s directive, NELFUND has been able to disburse students’ institutional fees amounting to N1,172,388,340.00 for 20,000 students (100 per cent paid) in the institutions across the country. These institutions were carefully selected based on their academic calendar.”
He added that NELFUND has approved 260,000 loans, covering both institutional fees and upkeep, noting that not all applicants for institutional loans requested upkeep loans.
He highlighted ongoing collaborations with various agencies and institutions to ensure the scheme’s effectiveness.
Sawyerr emphasized, “Disbursement to other institutions will be made at the beginning of their sessions to ensure a transparent and equitable distribution of resources.”
He also mentioned that an additional N850 million would be disbursed to various institutions that have applied for loans, stating, “The sum of N850,000,000 will be paid out today. We are also currently reviewing the applications of over 100 institutions.”
When questioned about the possibility of extending loans to postgraduate students, Sawyerr clarified, “Our focus is on the undergraduate students. It is a fund that enables those who have the fewest opportunities to get an education. While we acknowledge that there are students who will want to pursue their postgraduate studies, for now, our target is undergraduate students.”
