The Nigerian Educational Loan Fund (NELFUND) is set to distribute ₦850 million to various institutions as fees today (Wednesday). This announcement was made by Akintunde Sawyer, the Managing Director of NELFUND, during a press briefing in Abuja.
Akintunde highlighted that this new distribution is in addition to the ₦1.7 billion that has already been given to about 20,000 students. He stated, “The sum of ₦850 million will be leaving the account of NELFUND today to institutions. This is apart from the ₦1.7 billion naira that has already been disbursed.”
Previously, Sawyer had mentioned that the fund had already paid the institutional fees for 20,000 students through their respective institutions.
Firstly, Sawyer acknowledged the presence of the Honourable Minister of State for Education, Dr. Yusuf Sununu, who attended the briefing on a one-day working visit. He emphasized the importance of the Minister’s presence, saying it underscored the government’s commitment to advancing education in Nigeria. He thanked the Minister for his continuous advocacy and leadership in the education sector.
Sawyer also extended gratitude to President Bola Ahmed Tinubu, crediting his visionary leadership and dedication to education for driving this initiative. Sawyer noted that under President Tinubu’s administration, there has been a renewed focus on empowering youth through education. He thanked the President for his steadfast support and belief in Nigerian students.
Sawyer shared that following the President’s directive, NELFUND has been able to pay students’ institutional fees totaling ₦1,172,388,340.00 for 20,000 students across various esteemed institutions in the country. These institutions were selected based on their academic calendars to ensure transparent and equitable resource distribution.
Within these institutions, a total of 11,083 students received 100% tuition coverage through the loan program. Sawyer emphasized that this financial aid would allow students to focus on their studies without financial worries, viewing this as an investment in Nigeria’s future.
In addition to covering tuition fees, NELFUND is also aware of the need for upkeep support. Sawyer announced that upkeep stipends would be disbursed in the coming week with utmost transparency and security. To ensure this, NELFUND is collaborating with several key agencies, including 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), along with various banks.
Sawyer also announced upcoming skills training programs aimed at empowering Nigerians with the necessary knowledge and expertise to excel. He stressed the importance of minimizing any potential misuse of funds and ensuring swift prosecution of any wrongdoing. All parties involved are committed to maintaining high standards of integrity and accountability to build and maintain stakeholder trust.
Sawyer concluded by acknowledging the critical roles played by numerous partners in setting up a robust and transparent system for the disbursement and management of funds. He also thanked the institutions for their support in ensuring that students receive their funds promptly.
Today’s announcement, Sawyer said, is a testament to President Tinubu’s unwavering dedication to the education sector and the future of Nigeria’s youth. He expressed heartfelt gratitude to all partners, institutions, and stakeholders for their invaluable support in making this vision a reality.
