The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of over N1.72 billion in loans to 20,000 students across five tertiary institutions.
An additional N850 million is set to be disbursed to another institution by the close of work on Wednesday, bringing the total disbursed amount to N2.5 billion.
At a news conference in Abuja, Akintunde Sawyerr, Managing Director and CEO of NELFUND, highlighted the support offered to students through these loans.
Each student receiving a loan will get N20,833 as a monthly upkeep allowance throughout their studies, totaling N250,000 per student.
Sawyerr stated, “I am delighted to share that following Mr. President’s directive, NELFUND has been able to disburse students’ institutional fees amounting to N1.72 billion for 20,000 students (100% paid) in esteemed institutions across the country.”
He further elaborated that these institutions were chosen based on their academic calendar to ensure timely and equitable distribution of funds.
“Disbursement to other institutions will be made at the beginning of their sessions to ensure a transparent and equitable distribution of resources,” he added.
Acknowledging the importance of upkeep support, Sawyerr said, “The payment of upkeep stipends will be conducted in the coming week with the utmost transparency and security.”
He assured collaboration with key agencies such as the Nigerian Financial Intelligence Unit (NFIU), the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to ensure the secure and transparent distribution of these funds.
Additionally, Sawyerr announced new initiatives to further empower Nigerian students.
“We are excited to announce that we will be launching a series of new skills training programs in the coming weeks. These programs are designed to empower Nigerians with the knowledge and expertise needed to excel,” he said.
The agency has approved 260,000 loans consisting of institutional fees and upkeep loans, underscoring its commitment to supporting Nigerian students and enhancing the educational sector.