The management of the Nigerian Education Loan Fund (NELFUND) has provided an update as it continues the disbursement of substantial student loans to institutions and students nationwide.
According to the Fund, it has approved student loans amounting to over N2,530,235,750, which are being disbursed across many institutions and benefiting 22,120 students.
Head of Media and Public Relations, NELFUND, Nasir Ayitogo, who announced this in a statement on Friday in Abuja, said this was in alignment with President Bola Ahmed Tinubu’s commitment to enhancing education opportunities for Nigerians.
“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.
“This strategic effort aims to ensure that students who really need the funds can continue their education by lowering the burden of financial constraints,” he stated.
Ayitogo, explained that so far, six of the twelve institutions have received full payment of their institutional fees, covering over 20,000 students, stating 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.
In addition to Unilorin and Uniben, the other universities that received payments include the University of Ibadan (UI), Bayero University Kano, University of Maiduguri, and Federal University, Dutsin-Ma.
He noted that in addition to the institutional fees, NELFUND has also commenced the payment of upkeep to students.
The NELFUND spokesperson further stated that the initiative would provide essential financial support for living expenses, saying a total of N442,400,000 has been allocated for the month of July.
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