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 end of Wednesday, bringing the total disbursed amount to N2.5 billion.
According to NELFUND, each student will receive a monthly upkeep allowance of N20,833 throughout their studies, totaling N250,000. The agency has approved a total of 260,000 loans, comprising institutional fees and upkeep loans.
Managing Director/Chief Executive Officer of NELFUND, Akintunde Sawyerr, made this announcement at a news conference in Abuja on Wednesday.”
He said: “I am delighted to share that following Mr President’s directive, NELFUND has been able to disburse students’ institutional fees amounting to N1.72billion for 20,000 students (100% paid) in esteemed institutions across the country.
“These institutions were carefully selected based on their academic calendar. Disbursement to other institutions will be made at the beginning of their sessions to ensure a transparent and equitable distribution of resources.
“In addition to the tuition charges we are also cognizant of the need for upkeep support. The payment of upkeep stipends will be conducted in the coming week with the utmost transparency and security.
“We are collaborating with several key agencies and institutions to ensure this. 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) will work alongside the various banks involved in this process.
“Furthermore 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”.
