NELFUND disburses N1.17bn loans to 20,000 students
The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N1.17 billion to 20,000 students in five public tertiary institutions, with an additional N850 million to be disbursed to other institutions.
NELFUND Managing Director, Akintunde Sawyerr, disclosed this at a news conference in Abuja on Wednesday, stating that the fund is working on reviewing another 100 institutions whose applications have been received.
He noted that the disbursement was made possible by President Bola Tinubu’s directive and that the fund focuses on undergraduate students with the least opportunities.
Sawyerr said, “Our focus is on the undergraduate students. It is a fund that enables those who have the least opportunities to get education. While we acknowledge that there are students who will want to pursue their postgraduate studies, for now, our target is undergraduate students.”
He also disclosed that a total of 260,000 students had been approved for payment of upkeep loans and their institutions’ charges, with each student eligible for N250,000 per annum. However, a student could apply for less than the approved amount.
Sawyerr emphasized that not every student who takes the institution loan wants the upkeep loan, which would be paid in tranches based on students’ needs.
He added that NELFUND would continue to increase the number of beneficiaries based on applications.
“I am delighted to share that, following President Bola Tinubu’s directive, NELFUND has been able to disburse students’ institutional fees amounting to N1,172,388,340.00 for 20,000 students (100 per cent paid) in the institutions across the country.
“These institutions were carefully selected based on their academic calendar.”
“Disbursement to other institutions will be made at the beginning of their sessions, to ensure a transparent and equitable distribution of resources,’’ he said.
Sawyerr said an additional disbursement of N850 million would leave NELFUND to various institutions due to receive the loans.
He also disclosed that a total of 260,000 students had been approved for payment of upkeep loans and their institutions’ charges
He said that the upkeep loan and institution charges for each student is N250,000 per annum. However, a student could apply less than the approved amount.
According to him, not every student that takes the institution loan wanted the upkeep loan, which would be paid in tranches base on students’ need.
“Our focus is on the undergraduate students. It is a fund that enables those who have the least opportunities to get education.”
“While we acknowledge that there are students who will want to pursue their postgraduate studies, for now, our target is undergraduate students,’’ he added.
