The Nigerian Education Loan Fund (NELFUND) announced on Wednesday that it has disbursed a staggering N1.17 billion to support 20,000 undergraduate students across five public tertiary institutions.
This landmark achievement was revealed by NELFUND’s Managing Director, Akintunde Sawyerr, during a press conference held in Abuja.
Sawyerr highlighted the organization’s commitment to increasing the number of beneficiaries as more applications pour in, indicating a promising future for students seeking financial assistance. Currently, NELFUND is reviewing applications from an additional 100 institutions, aiming to extend its reach and support to even more students.
“We are thrilled to announce that, following President Bola Tinubu’s directive, we have successfully disbursed N1,172,388,340.00 for institutional fees to 20,000 students across Nigeria,” Sawyerr stated, emphasizing that the disbursement was calculated with careful consideration of the academic calendars of the selected institutions.
To date, NELFUND has approved a total of 260,000 loans, which encompass both institutional fees and upkeep allowances. However, Sawyerr clarified that not all applicants requested upkeep loans, as the fund is collaborating with various agencies and institutions to ensure the effective implementation of the scheme.
Looking ahead, NELFUND plans to disburse an additional N850 million to various institutions, with the latest funds set to be released immediately. The organization is dedicated to maintaining transparency and equity in distributing these vital resources, particularly at the start of academic sessions.
When questioned about the possibility of extending loans to postgraduate students, Sawyerr reiterated that NELFUND’s primary focus remains on undergraduates, particularly those with limited opportunities for education. “Our mission is to empower those who face the greatest challenges in accessing education. While we recognize the aspirations of postgraduate students, our current mandate is centered on supporting undergraduate students,” he concluded.
