The Nigerian Education Loan Fund (NELFUND) has finalized plans to distribute N35 billion in fees and monthly allowances to 70,000 successful student loan applicants. These students, attending federal government-owned tertiary institutions, were selected from a pool of 120,000 applicants as of June 21.
Successful applicants can now check their application status on the NELFUND portal. While NELFUND spokesman Nasir Ayitogo could not confirm the details, other sources within the agency verified the development.
Ayitogo stated, “The agency is working hard to fulfil its mandate of bringing smiles to the faces of indigent Nigerian students, who are eager to benefit from the initiative as approved by President Bola Tinubu.”
Funds will be directly transferred to the institutions’ bank accounts to cover various fees, including departmental levies, laboratory fees, and health insurance.
One source explained, “When the fees for these 70,000 applicants were summed up, they amounted to N35 billion, and this will be paid this week. The applicants will also receive a monthly allowance for their upkeep.”
Each successful applicant will receive a monthly stipend of N20,000, totaling N240,000 per year. However, students must reapply each year as it is a loan, not a gift. This allowance will be paid monthly, regardless of whether the school is in session, to support students even when they are at home.
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Additionally, NELFUND is evaluating 50,000 more applications for potential consideration, with an average of 1,500 applications received daily. Once verified, these applicants will also have their fees and allowances disbursed.
From June 25, the portal will open for applicants from state-owned institutions. NELFUND will publish a list of institutions that have submitted complete student data for the Student Verification System (SVS) portal on June 24. This will include both state and federal institutions to ensure transparency and encourage participation.
NELFUND, established by the Access to Higher Education Act signed by President Tinubu, manages all student loan requests, disbursements, and recoveries. It is funded through various streams, including donations, gifts, grants, endowments, and other revenue sources.