Announcement came from the Nigerian Educational Loan Fund stating that N850M will be disbursed to institutions for fees starting today (Wednesday).
This is in addition to the N1.7Bn already provided to around 20,000 students.
During a press briefing in Abuja, the Managing Director of the Fund, Akintunde Sawyer, disclosed this information.
“Today, N850M will be transferred from the NELFUND account to institutions, separate from the already disbursed N1.7Bn,” said Sawyer.
Prior to this, Sawyer mentioned that the Fund had already delivered institutional fees to 20,000 students through their respective institutions.
He further added that a total of 260,000 loans, covering institutional fees and maintenance, have been given the green light.
An estimated 1.2 million students are projected to benefit from this crucial initiative of President Bola Tinubu’s administration.
The President sanctioned N35bn for the kick-off of the scheme after signing the supporting law on April 3.
With a professional history spanning three years covering education, trade unions, politics, and international affairs, Deborah is a journalist with NewsNow.