The Nigerian Education Loan Fund (NELFUND) has approved the release of student loans backed by the federal government. This announcement was made in a press release on NELFUND’s X platform after its first board meeting in Abuja on Wednesday.
The statement, signed by Nasir Ayitogo, Head of Media and Public Relations, highlighted the importance of this meeting for the organization’s goal of providing financial support to students. Led by Board Chairman Jim Ovia, the board focused on approving student loan disbursements for successful applicants. This decision shows President Bola Ahmed Tinubu‘s commitment to helping students achieve their educational goals without financial burden.
By approving these loans, NELFUND is taking a big step towards its mission of supporting education and empowering future leaders. The board’s decision demonstrates their dedication to offering timely financial assistance to students in need.
The meeting also discussed future plans to improve educational opportunities and provide more comprehensive support to students in various fields. Key figures in attendance included NELFUND’s Managing Director/CEO Akintunde Sawyerr and representatives from member organizations.
This development follows NELFUND’s recent announcement of a 14-day delay in the student loan application process for state institutions due to insufficient data submissions. Ayitogo mentioned that many state-owned institutions had not uploaded the necessary student data and fee information to the NELFUND Student Verification System (SVS). As of now, only 20 out of 48 state universities, 12 out of 54 state colleges, and 2 out of 49 state polytechnics have completed the data submission process. The application window, initially scheduled to open on June 25, 2024, will now start on July 10, 2024.
President Tinubu had previously signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024 into law on April 3, 2024. This law aims to improve student loan provisions and increase access to higher education.
