The Nigerian Education Loan Fund (NELFUND) announced yesterday that it has disbursed over N1.72 billion in loans to 20,000 students across five tertiary institutions. An additional N850 million is set to be disbursed to another institution by Wednesday, raising the total disbursed amount to N2.5 billion.
According to NELFUND’s Managing Director/CEO, Akintunde Sawyerr, each student receiving a loan will get a monthly upkeep allowance of N20,833, totaling N250,000 over the duration of their studies. Sawyerr shared these updates during a briefing in Abuja, revealing that NELFUND has approved 260,000 loans covering both institutional fees and upkeep.
“I am delighted to share that following Mr. President’s directive, NELFUND has disbursed institutional fees amounting to N1.72 billion for 20,000 students in esteemed institutions across the country,” Sawyerr stated. He added that disbursements to other institutions will align with their academic calendars to ensure equitable distribution of resources.
In addition to tuition support, NELFUND will begin paying upkeep stipends next week, ensuring transparency and security in the process. This will be done in collaboration with agencies such as the Nigerian Financial Intelligence Unit (NFIU), Department of State Services (DSS), Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), alongside various banks.
NELFUND also announced plans to launch new skills training programs in the coming weeks, aiming to further support students’ development and employability.
News Editor