The Nigerian Education Loan Fund (NELFUND) has disbursed ₦1.17 billion in student loans to 20,000 beneficiaries, announced Akintunde Sawyerr, Managing Director/CEO of NELFUND, during a press briefing in Abuja on Wednesday.
Sawyerr highlighted that this financial assistance is part of the federal government’s commitment to making higher education accessible to all deserving Nigerians, regardless of their financial backgrounds.
“This occasion marks a testament to our shared commitment to ensuring that higher education is accessible to all deserving Nigerians,” Sawyerr stated.
This funding initiative is part of a broader strategy by the administration of President Bola Ahmed Tinubu to empower the nation’s youth through education.
The administration approved ₦35 billion for the take-off of the scheme after signing the law backing it on April 3.
“Under his administration, we have seen a renewed focus on the empowerment of our youth through education, and today’s announcement is a direct result of his commitment to this cause,” Sawyerr remarked.
So far, 260,000 loans, including institutional fees and upkeep, have been approved, benefiting around 20,000 students in selected institutions across the country.
According to Sawyer, the institutions were chosen based on their academic calendar to ensure a transparent and equitable distribution of resources.
“Disbursement to other institutions will be made at the beginning of their sessions,” Sawyerr explained.
In addition to covering tuition fees, NELFUND will also provide upkeep stipends to students.
“The payment of upkeep stipends will be conducted in the coming week with the utmost transparency and security,” Sawyerr assured.
He said the Nigerian Financial Intelligence Unit (NFIU), the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) will collaborate with various banks to ensure a secure and transparent disbursement process.
In May, NELFUND acknowledged the difficulties some students encountered with the Student Loan Application portal.
The fund provided detailed solutions to the various challenges and advised students whose institutions were not listed on the portal to contact their school’s ICT department.
Meanwhile, NELFUND is also set to launch a series of new skills training programs in the coming weeks, aimed at equipping Nigerian students with the necessary knowledge and expertise to excel in their respective fields.
“These programs are designed to empower Nigerians with the knowledge and expertise needed to excel,” Sawyerr noted.
In his address, Sawyerr acknowledged the support of various partners and institutions involved in this initiative.
“Their collaboration has been instrumental in setting up a robust and transparent system for the disbursement and management of funds,” he said, extending his gratitude to all stakeholders for their invaluable support.
