The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of over N2.5 billion in student loans, benefiting 22,120 students across various institutions nationwide.
This significant disbursement aims to alleviate financial constraints and enable students to pursue their education without interruption.
According to Mr. Nasir Ayitogo, Head of Media and Public Relations at NELFUND, the loan approval totaling N2,530,235,750 is part of the organization’s strategic effort to support students in need, ensuring they can continue their academic journey without financial burdens.
This substantial disbursement demonstrates NELFUND’s commitment to making education more accessible and affordable for Nigerian students.
“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.
“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.”
He added that the upkeep payments will benefit all 22,120 students across the 12 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.
The Fund further clarified that disbursements were made based on each institution’s academic calendar (beginning of academic session).
