The Nigerian Educational Loan Fund (NELFUND) is set to disburse ₦850 million today to support students in tertiary institutions across Nigeria. This announcement was made by Akintunde Sawyer, the Managing Director of NELFUND, during a press conference in Abuja.
This new disbursement is in addition to the over ₦1.7 billion that NELFUND has already provided to around 20,000 students. According to Sawyer, the ₦850 million will be transferred from NELFUND’s accounts to various institutions today. This follows the earlier release of funds for institutional fees, impacting 20,000 students.
NELFUND has approved a total of 260,000 loans, which include both institutional fees and maintenance costs. This extensive financial support aims to benefit approximately 1.2 million students, a key initiative of President Bola Tinubu’s administration. President Tinubu had earlier sanctioned ₦35 billion for the launch of this program, which was officially established following the signing of the relevant law on April 3.
In his address, Sawyer emphasized the significant impact of this funding on students’ ability to focus on their studies without the stress of financial constraints. He also acknowledged the role of Dr. Yusuf Sununu, the Honourable Minister of State for Education, and President Bola Ahmed Tinubu for their support and commitment to enhancing educational opportunities in Nigeria.
Sawyer further highlighted that NELFUND has successfully disbursed ₦1,172,388,340 for the tuition fees of 20,000 students across various institutions, with more funds scheduled for distribution as other academic sessions commence. In addition to tuition fees, NELFUND will be providing maintenance stipends in the coming week. This process will be overseen with transparency and security, involving key agencies such as 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).
Looking ahead, NELFUND plans to launch new skills training programs designed to equip Nigerians with essential knowledge and expertise. These initiatives reflect NELFUND’s commitment to not only funding education but also enhancing overall student development.
Sawyer concluded his address by acknowledging the crucial support from various partners and institutions involved in the process, emphasizing the collective effort to maintain high standards of integrity and accountability.
