By Muhammad Amaan
The Nigerian Education Loan Fund (NELFUND) as of February 3, has disbursed a total of N20,074,050,000 for institutional fees, benefiting no fewer than 192,906 students across various tertiary institutions in the country.
This was contained in a statement by the Managing Director of the fund, Mr Akintunde Sawyerr, and made available to newsmen in Abuja on Monday.
He also disclosed that the Fund had so far received loan applications from no fewer than 364,042 students.
Mr Sawyerr added that about 169,114 students had also so far benefitted from the NELFUND’s monthly stipends disbursement, with N12, 818,960,000 disbursed and each student receiving N20, 000.
“We appreciate the unwavering support of President Bola Tinubu in making higher education accessible to all deserving Nigerian students.
“NELFUND remains committed to transparency and efficiency in managing the student loan scheme and will continue to provide accurate updates as disbursements progress.
The Nigerian Education Loan Fund (NELFUND) is a pivotal financial institution established under the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024.
It was signed into law by President Bola Ahmed Tinubu on 3 April 2024, marking a historic step towards ensuring sustainable higher education and functional skill development for Nigerian students and young people.
The NELFUND was created to address the shortcomings of the previous Student Loan Act of 2023, which faced challenges related to governance, management, loan purposes, eligibility criteria, application methods, repayment provisions, and loan recovery.
The primary objective of NELFUND is to provide financial support to qualified Nigerians for tuition and other fees, charges, and upkeep during their studies in approved tertiary academic institutions and vocational and skills acquisition institutions within Nigeria.
