The Nigerian Education Loan Fund has said 110,000 successful beneficiaries of the student loan scheme will start receiving credit alerts from next week following President Bola Tinubu’s official launch of disbursement.
NELFUND Managing Director, Akintunde Sawyerr disclosed on Wednesday in an Interview with Channels Television.
His update comes after President Tinubu at the presidential villa on Wednesday handed symbolic cheques to beneficiaries.
Sawyerr noted that the Fund currently has N35 billion in financial backing from the Nigerian government.
“The people who are going to first receive alerts as early as next week are the people who are about to start a new session in the institution they are in,” NELFUND Managing Director Akintunde Sawyerr said on Channels Television’s Politics Today on Wednesday.
“A formal launch of the disbursement circle played out at the State House on Wednesday,” he said.
“To be precise, about 110,000 students have successfully applied. They’ve put in their applications and verified as being bona fide and eligible applicants.
“But we’ll still carry out further verification to make sure they are well-qualified to receive these loans. But over 110,000 are likely to begin to receive disbursement from next week.
“Current exposure to students is about N35bn”, he said.
Recall that in April, Tinubu signed the reviewed Student Loan Act which marked its official kickoff.
NELFUND began the scheme with 1.2 million students from Federal Tertiary institutions and currently commenced phase two with State-owned institutions.