Nigerian Education Loan Fund, NELFUND has continued disbursing substantial student loans to institutions and students nationwide.
As of August 2, 2024, NELFUND has approved student loans totalling over N2.5 billion, benefiting 22,120 students across 12 institutions.
This was disclosed in a statement via NELFUND Nigeria’s X handle on Friday, August 2.
The statement reads:”In alignment with President Bola Ahmed Tinubu’s commitment to enhancing educational opportunities for Nigerians, the Nigerian Education Loan Fund (NELFUND) has continued the disbursement of substantial student loans to institutions and students nationwide.
“In the light of the foregoing, NELFUND has so far further approved student loans amounting now to over N2,530,235,750, being disbursed across many institutions, benefiting 22,120 students.
“This strategic effort aims to ensure that students who really need the funds can continue their education by lowering burden of financial constraints.
“So far, six of the twelve institutions have received full payment of their institutional fees, covering over 20,000 students. The total amount disbursed to these institutions stands at approximately N2,026,163,340. A further six will receive their payments in the coming week.
“These disbursements will ensure that Nigerian students can proceed with their academic activities unimpeded, fostering peace of mind much needed for these students and their families.
“In addition to the institutional fees, NELFUND has also commenced the payment of upkeep to students.
“This initiative will provide essential financial support for living expenses. A total of N442,400,000 has been allocated for the month of July.
“The upkeep payments will benefit all 22,120 students across the twelve institutions, with more to come in the coming weeks and months, reflecting the
federal government’s commitment to the overall well-being and academic
success of Nigerian students in government institutions.
“These figures highlight NELFUND’s unwavering dedication to ensuring that financial constraints do not impede academic pursuits.
“NELFUND believes that these disbursements will significantly ease the financial burdens on students and their families, enabling them to focus on their studies and future careers.
“The Fund want to use this medium to clarify to the general public that disbursements are made based on each institution’s academic calendar (beginning of session).
“NELFUND extends its gratitude to all the participating institutions for their cooperation and dedication to this cause.
“We also appreciate the continued support of all stakeholders who have played a pivotal role in making this initiative a success.”
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