NELFUND disburses N407.4m stipends to 20,371 students

…Releases N2bn to six institutions as student loan

The Nigerian Education Loan Fund (NELFUND) has successfully disbursed N20,000 monthly stipends to 20,371 students from six tertiary institutions in the country.

The beneficiaries are from Bayero University Kano, Federal University Dutsin-Ma, University of Ilorin, University of Benin, University of Ibadan, and University of Maiduguri.

According to a statement by NELFUND, the Fund is working towards the commencement of the payment process for students from approximately 55 additional tertiary institutions.

This is expected to be concluded within the next two weeks.

The statement further noted that President Bola Tinubu has committed an additional N50bn to the student loan cause.

“It is noteworthy that the President only Sunday committed a further 50 billion Naira from recovered proceeds of crime,” the statement said.

In the same vein, NELFUND disbursed N2,026,163,340 to six institutions as student loans, aimed at alleviating financial burdens on students.

The beneficiaries include the University of Ibadan, Bayero University, Kano, University of Ilorin, University of Benin, University of Maiduguri, and Federal University, Dutsinma, Katsina.

The list was released on the official X (formerly Twitter) handle of the fund on Saturday.

According to NELFUND, the disbursement covers over 20,000 students, with Bayero University, Kano, receiving the highest amount of N853,775,000.

The agency stated that the strategic effort is targeted to ensure that students who need the funds can continue their education without financial constraints.

“These disbursements will ensure that Nigerian students can proceed with their academic activities unimpeded, fostering peace of mind much needed for these students and their families,” the agency said.