Nigerian Education Loan Fund, NELFUND, has revealed that it has now disbursed a total of N2.5 billion to 22,120 students across 12 tertiary institutions in the country.
This was contained in a statement signed by the NELFUND’s spokesperson, Nasir Ayitogo on Friday. He revealed that six institutions have already received full payment of their institutional fees. This, he said, cover over 20,000 students, while the remaining six will receive their payments soon.
Ayitogo said, “The total amount disbursed to these institutions stands at approximately N2,026,163,340. A further six will receive their payments in the coming week.
“These disbursements will ensure that Nigerian students can proceed with their academic activities unimpeded. Thus, fostering peace of mind much needed for these students and their families.”
In addition to the institutional fees, NELFUND disclosed that it has also commenced payment of upkeep stipends to students. It stated that N442 million has been allocated for the month of July.
Ayitogo said the upkeep payments will benefit all 22,120 students across the 12 institutions. He also noted that more payment will be made in the coming weeks and months.
According to him, the agency believes that the disbursements will “significantly ease the financial burdens on students and their families. He posited that it would enable the students to focus on their studies and future careers.”
“The Fund want to use this medium to clarify to the general public that disbursements are made based on each institution’s academic calendar (beginning of session),” Ayitogo said.
Recall that the implementation of the Student Loan Scheme is President Bola Tinubu’s flagship project in the education sector.
The programme was signed in barely a month after Bola Tinubu was inaugurated as President. The Access to Higher Education Act, is to creates a legal framework for granting loans to indigent or low-income Nigerians. It is enacted to facilitate the payment of their fees in Nigerian tertiary institutions.
The law, reenacted earlier 2024, created the Nigerian Education Loan Fund (NELFUND). The FUND is saddled with the responsibility of handling all loan requests, grants, disbursement, and recovery.
According to the Act, NELFUND is to be funded from multiple streams and will engage in other productive activities. It will also be funded through donations, gifts, grants, endowments, and revenue accruing to the fund from any other source, according to the Act.
source: Premium Times
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