The Nigerian Education Loan Fund (NELFUND) has announced the ongoing disbursement of student loans, allocating a total of N2.5 billion to various institutions across the country.
The spokesperson of NELFUND, Nasir Ayitogo, made this disclosure in a statement on Friday via its official X handle.
Ayitogo said the student loan will benefit 22,120 students across many institutions in the country.
He stated that the disbursement aims to ensure that students in genuine need of financial assistance can continue their education by alleviating the burden of financial constraints.
“In alignment with President Bola Ahmed Tinubu’s commitment to enhancing educational opportunities for Nigerians, the Nigerian Education Loan Fund (NELFUND) has continued the disbursement of substantial student loans to institutions and students nationwide.
“In the light of the foregoing, NELFUND has so far further approved student loans amounting now to over N2,530,235,750, being disbursed across many institutions, benefiting 22,120 students.
“This strategic effort aims to ensure that students who really need the funds can continue their education by lowering the burden of financial constraints,” Ayitogo said.
Six Institutions Received N2.06 billion
Furthermore, the spokesperson said six of the twelve institutions have received full payment of their institutional fees, covering over 20,000 students.
According to him, the total amount disbursed to these institutions stands at approximately N2.02 billion.
NELFUND said six other institutions will receive their payments in the coming week.
“So far, six of the twelve institutions have received full payment of their institutional fees, covering over 20,000 students. The total amount disbursed to these institutions stands at approximately N2,026,163,340. A further six will receive their payments in the coming week.
“These disbursements will ensure that Nigerian students can proceed with their academic activities unimpeded, fostering peace of mind much needed for these students and their families,” he added.
NELFUND Commences Upkeep Fund to Students
The management also announced the rolling out of the upkeep funds for students.
He mentioned that the initiative will provide essential financial support for living expenses.
He added that a total of N442 million has been allocated for the month of July.
“In addition to the institutional fees, NELFUND has also commenced the payment of upkeep to students.
“This initiative will provide essential financial support for living expenses. A total of N442,400,000 has been allocated for the month of July.
“The upkeep payments will benefit all 22,120 students across the twelve institutions, with more to come in the coming weeks and months, reflecting the federal government’s commitment to the overall well-being and academic success of Nigerian students in government institutions,” he noted.
What you should know
- The revised Student Loan Act 2024 was established to remove financial barriers and make education more accessible to all Nigerian students, regardless of their economic background.
- The primary sources of funding for NELFUND include a percentage of taxes, levies, and duties collected by the Federal Inland Revenue Service (FIRS), Nigerian Immigration Service, and Nigerian Customs Service, amounting to 1% of their total revenues.
- Furthermore, the fund will receive contributions from the profits generated by the government’s natural resource exploitation, education bonds, endowment fund schemes, and donations from individuals and organizations.
- The loans cover tuition, fees, and maintenance costs. The repayment process starts two years after the beneficiary completes the NYSC program.
