NELFUND Approves N2.5bn For Disbursement To 22,120 Nigerian Students

August 3, 2024

In a significant move to support education in Nigeria, the Nigerian Education Loan Fund (NELFUND) has approved N2,530,235,750 for disbursement as loans to 22,120 students.

This was disclosed in a statement by the Head, Media and Public Relations, NELFUND, Nasir Ayitigo, on Friday, who said 12 institutions has received full payment while additional 6 would receive in coming weeks.

The initiative aligns with President Bola Ahmed Tinubu’s commitment to enhancing educational opportunities for Nigerians.

According to his statement “In alignment with President Bola Ahmed Tinubu’s commitment to enhancing educational opportunities for Nigerians, the Nigerian Education Loan Fund (NELFUND) has continued the disbursement of substantial student loans to institutions and students nationwide.

“In the light of the foregoing, NELFUND has so far further approved student loans amounting now to over N2,530,235,750, being disbursed across many institutions, benefiting 22,120 students” He said.

Nasir emphasized that the fund’s aim to lower the financial burden of students.

“This strategic effort aims to ensure that students who really need the funds can continue their education by lowering the burden of financial constraints.

“So far, six of the twelve institutions have received full payment of their institutional fees, covering over 20,000 students. The total amount disbursed to these institutions stands at approximately N2,026,163,340. A further six will receive their payments in the coming week.

“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.” He added

The agency said it has earmarked N442,400,000 for students allowances for the month of July.

“In addition to the institutional fees, NELFUND has also commenced the payment of upkeep to students.

“This initiative will provide essential financial support for living expenses. A total of N442,400,000 has been allocated for the month of July.

“The upkeep payments will benefit all 22,120 students across the twelve institutions, with more to come in the coming weeks and months, reflecting the federal government’s commitment to the overall well-being and academic success of Nigerian students in government institutions.

“These figures highlight NELFUND’s unwavering dedication to ensuring that financial constraints do not impede academic pursuits.” The agency stated.