The Nigerian Education Loan Fund (NELFUND) has announced the successful disbursement of N20,000 monthly stipends for July to 20,371 students across six tertiary institutions. This initiative underscores President Bola Tinubu’s unwavering commitment to ensuring financial stability for Nigerian students during their academic pursuits.
The announcement was made in a statement released in Abuja by NELFUND’s Director of Finance and Accounts, Ibom Uche.
He emphasized that the initiative highlights the government’s dedication to alleviating the financial burdens faced by students, thus allowing them to focus on their studies without the added stress of financial instability.
The stipends have been distributed to students from Bayero University Kano, Federal University Dutsin-Ma, University of Ilorin, University of Benin, University of Ibadan, and University of Maiduguri. These students had already benefitted from institutional fee payments facilitated by NELFUND, and the monthly upkeep stipends serve as an additional layer of support.
In his statement, Mr. Uche revealed that NELFUND is also gearing up to extend this financial assistance to students from approximately 55 more tertiary institutions. The process is expected to be completed within the next two weeks, ensuring that all eligible students receive their stipends promptly.
“NELFUND remains steadfast in its mission to support the educational aspirations of Nigerian students by providing financial assistance for studies at qualifying institutions,” Mr. Uche stated. He assured that the fund is committed to the timely disbursement of stipends for day-to-day expenses, thus reinforcing its support system for students.
Adding to the optimism, President Tinubu has allocated an additional N50 billion from recovered proceeds of crime to further bolster the fund. This significant financial commitment is expected to enhance the reach and impact of NELFUND initiatives.
Mr. Uche expressed gratitude for the patience and cooperation of both students and institutions as NELFUND works diligently to fulfill its commitments. The organization remains dedicated to its mission of empowering Nigerian students through consistent and reliable financial support, ensuring that their educational journeys are as smooth and successful as possible.
With these ongoing efforts, NELFUND continues to play a pivotal role in transforming the educational landscape in Nigeria, providing crucial support that enables students to pursue their academic dreams with confidence and peace of mind.
