The Management of the Nigerian Education Loan Fund (NELFUND) has provided an update as it continues the disbursement of substantial student loans to institutions and students nationwide.
According to the Fund, it has so far further approved student loans amounting now to over N2,530,235,750, being disbursed across many institutions, benefiting 22,120 students.
Head, Media and Public Relations, NELFUND, Nasir Ayitogo, who announced this in a statement on Friday in Abuja, said this was in alignment with President Bola Ahmed Tinubu’s commitment to enhancing educational opportunities for Nigerians.
“In the light of the foregoing, NELFUND has so far further approved student loans amounting now to over N2,530,235,750, being disbursed across many institutions, benefiting 22,120 students.
“This strategic effort aims to ensure that students who really need the funds can continue their education by lowering the burden of financial constraints,” he stated.
Ayitogo, explained that so far, six of the twelve institutions have received full payment of their institutional fees, covering over 20,000 students, stating the total amount disbursed to these institutions stands at approximately N2,026,163,340.
“A further six will receive their payments in the coming week. These disbursements will ensure that Nigerian students can proceed with their academic activities unimpeded, fostering peace of mind much needed for these students and their families,” he added.
He noted that in addition to the institutional fees, NELFUND has also commenced the payment of upkeep to students.
The NELFUND spokesperson further stated that the initiative wound provide essential financial support for living expenses, saying a total of N442,400,000 has been allocated for the month of July.
According to the statement, the upkeep payments would benefit all 22,120 students across the twelve institutions, with more to come in the coming weeks and months, reflecting the federal government’s commitment to the overall well-being and academic success of Nigerian students in government institutions.
“These figures highlight NELFUND’s unwavering dedication to ensuring that financial constraints do not impede academic pursuits.
“NELFUND believes that these disbursements will significantly ease the financial burdens on students and their families, enabling them to focus on their studies and future careers.
“The Fund want to use this medium to clarify to the general public that disbursements are made based on each institution’s academic calendar (beginning of session).
“NELFUND extends its gratitude to all the participating institutions for their cooperation and dedication to this cause.
“We also appreciate the continued support of all stakeholders who have played a pivotal role in making this initiative a success,” NELFUND stated.
