The Nigerian Educational Loan Fund (NELFUND) announced that it would disburse N850 million to educational institutions on Wednesday. This amount adds to the over N1.7 billion already distributed to around 20,000 students.
Akintunde Sawyer, the Managing Director of NELFUND, made this announcement during a press briefing in Abuja. “The sum of N850 million will be leaving the account of NELFUND today to institutions. This is apart from the N1.7 billion that has already been disbursed,” Sawyer stated.
Earlier, Sawyer detailed that institutional fees had been disbursed to 20,000 students through their respective institutions. He also mentioned that a total of 260,000 loans, including institutional fees and upkeep, have been approved.
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President Bola Tinubu’s administration aims to support no fewer than 1.2 million students through this program. The President approved N35 billion for the scheme’s launch after signing the supporting law on April 3.
The fund’s disbursement is a crucial part of the government’s efforts to enhance educational opportunities for Nigerian students. By providing these loans, the administration seeks to alleviate the financial burden on students and ensure they have the necessary resources to pursue their studies.