The Nigerian Educational Loan Fund (NELFUND) has announced that it will disburse ₦850 million to tertiary institution students today, Wednesday, July 31, 2024.
According to the Managing Director of NELFUND, Akintunde Sawyer, this is in addition to the over ₦1.7 billion already disbursed to about 20,000 students.
Sawyer revealed that a total of 260,000 loans, including institutional fees and upkeep, have been approved, with 1.2 million students expected to benefit from the program.
The student loan disbursement is part of President Bola Tinubu’s administration’s initiative to make higher education accessible to all deserving Nigerians, regardless of their financial background.
The President had approved ₦35 billion for the take-off of the scheme after signing the law backing it on April 3.
NELFUND has disbursed institutional fees to 20,000 students through their institutions, with 11,083 students benefiting from the loans.
“The fund aims to minimize potential leakages and ensure accountability, with partners like the Nigerian Financial Intelligence Unit, Department of State Services, Economic and Financial Crimes Commission, and Independent Corrupt Practices and Other Related Offences Commission working together to ensure transparency,” Sawyer said.
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