NELFUND announces disbursement of over N2.5bn in student loans
The Nigerian Education Loan Fund (NELFUND) has ramped up its efforts to support students across the nation’s tertiary institutions, in line with President Bola Ahmed Tinubu’s commitment to expanding educational opportunities.
According to a statement on Friday by its Head of Media and Public Relations, Nasir Ayitogo, NELFUND disclosed the approval and disbursement of student loans totaling over N2,530,235,750, benefiting 22,120 students nationwide.
Stating that the substantial financial support is designed to alleviate the financial burdens on students, it revealed that so far, six out of twelve institutions have received full payments for institutional fees, covering over 20,000 students, with a total disbursement amounting to approximately N2,026,163,340. The remaining six institutions according to the statement, are scheduled to receive their payments in the coming week.
NELFUND also disclosed it had began disbursing upkeep allowances to students, providing crucial financial support for their living expenses.
“For the month of July alone, N442,400,000 has been allocated, benefiting all 22,120 students across the twelve institutions. This initiative underscores the federal government’s dedication to the well-being and academic success of Nigerian students in government institutions.
“These efforts are part of NELFUND’s strategic mission to ensure that financial constraints do not obstruct academic pursuits. The disbursements are made according to each institution’s academic calendar, ensuring timely support at the beginning of each session,” the statement read.
NELFUND further expressed its gratitude to all participating institutions for their cooperation and to all stakeholders for their continued support in making the initiative successful.
The organization asserted its continued commitment to easing the financial burdens on students and their families, allowing them to focus on their studies and future careers.
