By The New Diplomat Education Desk
The Nigerian Educational Loan Fund (NELFUND) has revealed that it has approved the disbursement of a total of ₦850million to tertiary institution students today (Wednesday).
The Managing Director of the Fund, Akintunde Sawyer, made this known during a press briefing in Abuja on Wednesday.
Sawyer, in his address, also revealed that the ₦850m Loan is the latest disbursement, disclosing further that over ₦1.7bn has been sent to about 20,000 students.
He also stated that the Fund had disbursed institutional fees to 20,000 students through their institutions.
According to him, a total of 260,000 loans, including institutional fees and upkeep, have been approved.
He said: “The sum of N850m will be leaving the account of NELFUND today to institutions. This is apart from the N1.7bn naira that has already been disbursed.”
“I am delighted to share that following Mr President’s directive, NELFUND has been able to disburse students’ institutional fees amounting to N1,172,388,340.00 for 20,000 students (100% paid) in esteemed institutions across the country.
“These institutions were carefully selected based on their academic calendar. Disbursement to other institutions will be made at the beginning of their sessions to ensure a transparent and equitable distribution of resources.
“Within these institutions, a total of 11,083 students are the beneficiaries who applied for the loans and their tuition was paid 100 per cent.
“This financial aid will enable them to focus on their studies without the added burden of financial worry. We believe that by investing in these students, we are investing in the future of Nigeria.”
It would be recalled that President Bola Tinubu had approved ₦35bn for the take-off of the scheme after signing the law backing the scheme on April 3.
No fewer than 1.2 million students are expected to benefit from this cardinal programme.
