The Nigerian Education Loan Fund (NELFUND) said Monday that it has disbursed a total of N1.17 billion to 20,000 students across five of the country’s public tertiary institutions.
Akintunde Sawyerr, Managing Director of NELFUND, announced this during a news conference in Abuja, saying one more institution would be added before the end of the day, and that NELFUND would continue to increase the number based on applications.
According to him, the fund was working on reviewing another 100 institutions whose application had been received.
“I am delighted to share that, following President Bola Tinubu’s directive, NELFUND has been able to disburse students’ institutional fees amounting to N1,172,388,340.00 for 20,000 students (100 per cent paid) in the institutions across the country.
“These institutions were carefully selected based on their academic calendar.
“Disbursement to other institutions will be made at the beginning of their sessions, to ensure a transparent and equitable distribution of resources,’’ he said.
Sawyerr, said an additional disbursement of N850 million would leave NELFUND to various institutions due to receive the loans.
He also said that a total of 260,000 students had been accepted for payment of upkeep loans and their schools’ fees.
He stated that each student’s annual loan and institution expenses are N250,000. However, a student may apply for less than the permitted amount.
According to him, not every student who takes out an institution loan wants the upkeep loan, which is paid in installments based on the students’ needs.
When asked if the loans could be granted to postgraduate students, Sawyerr stated that the fund’s objective focusses on undergraduate students with the least opportunities.
“Our focus is on the undergraduate students. It is a fund that enables those who have the least opportunities to get education.
“While we acknowledge that there are students who will want to pursue their postgraduate studies, for now, our target is undergraduate students,’’ he said.