The Nigerian Education Loan Fund (NELFUND) has finalized plans to disburse N35 billion in tuition fees and monthly allowances to 70,000 successful applicants across federal government-owned tertiary institutions nationwide. This initiative, aimed at supporting indigent Nigerian students, follows approval by President Bola Tinubu.
Stakeholders confirmed that eligible candidates can check their application status through the agency’s portal. The funds will be transferred directly to the bank accounts of respective institutions to cover tuition fees, as well as additional charges such as departmental fees and health insurance.
According to Nasir Ayitogo, spokesman for NELFUND, the agency is committed to fulfilling its mandate of assisting needy students. Each applicant’s status regarding approval and fund disbursement will be clearly displayed on the portal.
Reports suggest that the N35 billion will be distributed gradually, beginning with tuition fees at the start of each academic session. Additionally, successful applicants will receive a monthly allowance of N20,000 for the duration of their studies, amounting to N240,000 per year. It is important to understand that this financial aid is a loan, not a grant, meaning students must reapply each year.
Even during breaks from school, beneficiaries will continue to receive their monthly upkeep allowance to ensure their well-being. The agency has announced plans to extend the application portal to state-owned tertiary institutions across all 36 states from June 25, with a list of participating institutions set to be published on June 24.
Meanwhile, people are asking questions about the updated student loan bill signed by President Tinubu. They want to know more about how the scheme will work and who will be eligible.
