As per the latest update, NELFUND, the newly formed Nigerian Education Loan Fund, has provided a monthly stipend of N20,000 to 20,371 students across six universities for the month of July.
A statement released by the agency and shared with reporters revealed that the universities benefitting from this initiative are Bayero University Kano, Federal University Dutsin-Ma, University of Ilorin, University of Benin, University of Ibadan, and University of Maiduguri.
The Director of Finance at NELFUND, Ibom Uche, mentioned in the statement that the fund is set to extend the stipend payment to students from an additional 55 tertiary institutions nationwide soon.
Uche also assured that arrangements have been finalized to ensure all eligible students receive their stipends within a span of two weeks.
In his recent address to the public regarding the ongoing protest, President Bola Tinubu pledged a contribution of N50 billion towards the student loan initiative, sourced from recovered proceeds of crime.
This student loan scheme, introduced by President Bola Tinubu, marks a significant milestone in the education sector. Shortly after assuming office, Tinubu signed the Access to Higher Education Act, which established the legal basis for providing loans to financially disadvantaged Nigerians to assist in paying for their education in Nigerian tertiary institutions.
The law, which was reinstated earlier this year, led to the creation of the Nigerian Education Loan Fund.