According to the latest reports, the Nigerian Educational Loan Fund (NELFUND) has announced that it will disburse ₦850 million to tertiary institutions today (Wednesday) to cover student fees.
This is in addition to the over ₦1.72 billion that has already been disbursed to 20,000 students in the first phase of the loan program. NELFUND’s Managing Director, Akintunde Sawyer, revealed that a total of 260,000 loans, including institutional fees and upkeep, have been approved so far.
Sawyer stated that the funds will be paid directly to the institutions on behalf of the students, while stipends for accommodation and feeding will be paid directly into the beneficiaries’ bank accounts. He emphasized the importance of transparency and accountability in the disbursement process, calling on Civil Society Organizations (CSOs) to report any irregularities.
President Bola Tinubu’s administration had earlier approved ₦35 billion for the take-off of the scheme after signing the law backing it on April 3. The program aims to provide interest-free loans to indigent students in tertiary institutions and government-recognized skill acquisition centers.
NELFUND is expected to benefit around 1.2 million Nigerian students in the first batch of the program. The loan application process requires the Unified Tertiary Matriculation Examination registration number, National Identification Number, and Bank Verification Number.
The disbursement of the ₦850 million today marks a significant milestone in the government’s efforts to enhance access to higher education for all deserving Nigerians, regardless of their financial background