Loan scheme: NELFUND disburses N1.72bn to 20,000 students

The Nigerian Education Loan Fund (NELFUND) says it has disbursed a total of N1.72 billion to 20,000 students from five tertiary institutions under the Tinubu administration’s student loan program.

The fund also stated that another institution would receive an additional N850 million by Wednesday’s close, bringing the total loan amount to tertiary institutions to N2.5 billion.

It announced that each loan beneficiary will receive a monthly stipend of N20,833 for living expenses, totaling N250,000 for the entire duration of their studies.

The Managing Director/Chief Executive Officer of NELFUND, Mr. Akintunde Sawyerr, disclosed this at a news conference in Abuja on Wednesday.

According to him, the agency has given approval for 260,000 loan applications, which cover both institutional fees and living expenses.

He said: “I am delighted to share that following Mr. President’s directive, NELFUND has been able to disburse students’ institutional fees amounting to N1.72 billion for 20,000 students (100% paid) in esteemed institutions across the country.

“These institutions were carefully selected based on their academic calendar. Disbursements to other institutions will be made at the beginning of their sessions to ensure a transparent and equitable distribution of resources.

“In addition to the tuition charges, we are also cognizant of the need for upkeep support. The payment of upkeep stipends will be conducted in the coming week with the utmost transparency and security.

“We are collaborating with several key agencies and institutions to ensure this. The Nigerian Financial Intelligence Unit (NFIU), the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) will work alongside the various banks involved in this process.

“Furthermore, we are excited to announce that we will be launching a series of new skills training programs in the coming weeks. These programs are designed to empower Nigerians with the knowledge and expertise needed to excel.”