The Board of the Nigerian Education Loan Fund (NELFUND) has approved the immediate disbursement of student loans to successful applicants.
Head, Media and Public Relations, NELFUND, Nasir Ayitogo, who conveyed this in a statement in Abuja, said the approval was given by the Board during its inaugural meeting on Wednesday, June 26, 2024, held in Abuja
Ayitogo said the meeting marked a significant milestone in the organisation’s commitment to empowering students through financial support.
The statement read in part: “Under the leadership of the Board Chairman, Mr. Jim Ovia, the top item on the agenda was approval for the disbursement of student loans to successful applicants.
“This decision underscores President Bola Ahmed Tinubu’s dedication to providing timely and essential financial assistance to students in need, enabling them to pursue their educational goals without undue financial stress.
“By approving the immediate disbursement of the loans, NELFUND is taking a critical step in fulfilling its mission to support education and empower the next generation of leaders.
“The inaugural meeting also set the stage for future initiatives aimed at enhancing educational opportunities and providing comprehensive support to students across various disciplines.
“Also present at the meeting were the management of the fund led by the Managing Director/CEO, Mr. Akintunde Sawyerr, and representatives of member organisations,” it stated.
The Managing Director of NELFund, Akintunde Sawyerr, revealed a few days ago that President Bola Tinubu has approved the sum of N35 billion for the take-off of the student loan scheme.
According to him, the funds would be disbursed based on the timetable and calendars of the academic sessions of each institution.
“The funds will be disbursed based on the timetable and calendars of the academic sessions of each institution,” he said.
Besides, Sawyerr said that the portal, which was rolled out on May 24, would be permanently open because institutions do not have a uniform calendar.
The agency has already approved 70, 000 applications, while another 50, 000 others are currently being evaluated by NELFund and would be approved within 30 days.
The Fund had earlier said over 90 per cent of federal institutions of higher learning have submitted their student’s data to the fund.
NELFund also said it would start receiving applications from students in state-owned tertiary institutions on June 25, 2024.
The loan, which is an equivalent of the tuition fees of the benefiting students, would be paid directly to their institutions.
However, stipends would be paid directly to beneficiaries every month to help them buy other things that can make them comfortable while pursuing their education.
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