The Nigerian Education Loan Fund (NELFUND) announced on Wednesday that it has successfully disbursed a total of N1.17 billion to 20,000 students across five public tertiary institutions.
This announcement was made by the Managing Director of NELFUND, Akintunde Sawyerr, at a press conference held in Abuja.
Sawyerr highlighted that the disbursement aligns with a directive from President Bola Tinubu and reflects NELFUND’s commitment to enhancing access to education for deserving students.
He emphasised that the fund has ensured that 100 percent of the students’ institutional fees were covered.
“The total amount disbursed is N1,172,388,340.00, which has been paid in full to 20,000 students across selected institutions,” Sawyerr stated.
He also revealed that NELFUND is continuously expanding its reach and is currently reviewing applications from an additional 100 institutions.
“We are committed to increasing the number of beneficiaries based on the volume of applications we receive,” he added.
The fund’s strategy involves a phased approach to ensure a fair and transparent distribution of resources.
Disbursements will continue to be made at the start of each institution’s academic session to facilitate smooth and equitable financial support for students.
Furthermore, Sawyerr disclosed that an additional N850 million is scheduled for disbursement to various institutions.
This move aims to further support the educational needs of more students.
Regarding the scope of the fund, Sawyerr clarified that NELFUND’s current mandate focuses exclusively on undergraduate students, particularly those from less privileged backgrounds.
Although there is interest in extending support to postgraduate students, the fund’s present emphasis remains on undergraduates. “Our primary goal is to assist undergraduate students with limited opportunities,” Sawyerr explained.
This initiative by NELFUND represents a substantial investment in Nigeria’s educational sector, aligning with broader efforts to improve access to quality education and support academic excellence across the nation.
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