The Nigerian Education Loan Fund (NELFUND) has announced a significant financial boost for students across Nigeria’s public universities. On Wednesday, NELFUND revealed that it has distributed ₦1.17 billion to 20,000 students attending five public tertiary institutions. This funding aims to support students with their institutional fees, covering 100% of the costs for the recipients.
NELFUND’s Managing Director, Akintunde Sawyerr, made the announcement during a press conference in Abuja. He noted that an additional institution would receive funding before the day ends and emphasized that NELFUND plans to expand its reach based on the volume of applications. The fund is also reviewing applications from another 100 institutions to ensure widespread support.
Sawyerr said that, following President Bola Tinubu’s instructions, NELFUND has distributed ₦1,172,388,340.00 to the chosen institutions. This distribution was done carefully according to each institution’s academic schedule. More funds will be given out at the start of each academic session to keep things fair and transparent.
In addition to the institutional fees, NELFUND will provide an extra ₦850 million in loans to various institutions. This will support a total of 260,000 students, who will receive both upkeep loans and funding for their institution charges. Each student is eligible for an annual loan of ₦250,000 for upkeep and institution fees. However, students can apply for less than the full amount if needed, and the upkeep loans will be distributed in tranches according to the students’ needs.
Regarding the eligibility for postgraduate students, Sawyerr clarified that NELFUND’s focus is currently on undergraduate students. The fund is designed to assist those with the least opportunities to access education. While postgraduate students may also benefit in the future, the immediate goal is to support undergraduate students.
