In a groundbreaking move to support indigent Nigerian students, the Nigerian Education Loan Fund (NELFUND) has announced plans to disburse a total of N35 billion to 70,000 successful applicants. These students, who are enrolled in federal government-owned tertiary institutions across the country, were selected from a pool of 120,000 applicants.
The loan recipients can now check their application status on the NELFUND portal, where they will find information regarding the verification process, approval or denial, and eventual disbursement of funds. While NELFUND spokesperson Nasir Ayitogo neither confirmed nor denied this information, other reliable sources within the agency have confirmed the development.
To ensure transparency and accountability, NELFUND will directly pay the fees of the successful applicants to their respective institutions’ bank accounts. These fees will encompass all charges associated with their courses of study, including departmental levies, laboratory fees, and health insurance fees.
In addition to covering tuition fees, NELFUND will provide a monthly upkeep allowance of N20,000 to each successful applicant throughout their studentship. This allowance, amounting to N240,000 per year, will be disbursed irrespective of whether the beneficiaries’ schools are in session or not, ensuring that students can sustain themselves even while at home.
It is important to note that the loan provided by NELFUND is refundable and not a gift. To qualify for continued support in subsequent years, applicants will need to reapply. This approach aims to create a revolving fund that can benefit a larger number of students in the future.
Furthermore, NELFUND is currently evaluating an additional 50,000 applications from federal institutions. Once the verification process, including studentship confirmation and guarantor details, is complete, fees and allowances will be disbursed to these applicants as well. The agency receives an average of 1,500 applications per day, highlighting the immense need for financial assistance among Nigerian students.
Starting from Tuesday, June 25, NELFUND will also open its portal for applications from state-owned tertiary institutions across the 36 states. This move seeks to ensure equal access and participation in the loan scheme for both federal and state institutions.
The Nigerian Education Loan Fund (NELFUND) was established through the Access to Higher Education Act, signed by President Bola Tinubu. The fund’s primary responsibility is to handle student loan requests, grants, disbursement, and recovery. It operates through multiple funding sources, including donations, grants, endowments, and revenue generated by the fund.
This monumental initiative by the Nigerian government showcases its commitment to supporting the educational aspirations of its citizens. By providing accessible and affordable education through student loans, NELFUND aims to uplift the lives of indigent Nigerian students and empower them to pursue their dreams.
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The government’s decision to allocate N35 billion in student loans demonstrates its commitment to investing in the future of the nation through education. This initiative will undoubtedly alleviate the financial burden faced by many students, enabling them to focus on their studies and achieve their academic goals.
