A total of 1.17 billion Naira has been disbursed by the Nigerian Education Loan Fund to 20,000 students in five public tertiary institutions that applied for the loan, revealed Akintunde Sawyerr, the Managing Director of NELFUND, during a press briefing in Abuja. The number of beneficiaries will continue to grow as more applications are processed. NELFUND is currently reviewing applications from an additional 100 institutions.
Under the directive of President Bola Tinubu, NELFUND has successfully disbursed 1,172,388,340.00 Naira to cover institutional fees for 20,000 students in various institutions nationwide. Criteria for selection included the academic calendar of each institution.
With a total approval of 260,000 loans for institutional fees and upkeep, NELFUND is working in partnership with multiple agencies and institutions to ensure the success of the program. Disbursements to other institutions will align with the beginning of their academic sessions to ensure fair distribution of resources.
Additional funds amounting to 850 million Naira will be disbursed to various institutions that have received loan approvals. Sawyerr stated, “The sum of 850,000,000 Naira will be distributed today, and we are currently evaluating applications from over 100 institutions.”
When questioned about postgraduate students’ eligibility for loans, Sawyerr emphasized that the fund is primarily focused on providing opportunities to undergraduate students with limited resources. He stated, “Our primary target is undergraduate students, as the fund aims to support those with limited opportunities for education. Although there is a demand from students pursuing postgraduate studies, our current focus remains on undergraduates.”