Nigerian Education Loan Fund Disburses N1.17 Billion to 20,000 Students
The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N1.17 billion to 20,000 students in five public tertiary institutions that applied for the loan. According to Akintunde Sawyerr, the Managing Director of NELFUND, the fund 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.
The institutions were carefully selected based on their academic calendar, and disbursement to other institutions will be made at the beginning of their sessions to ensure a transparent and equitable distribution of resources. Sawyerr noted that NELFUND will keep increasing the number of beneficiaries based on applications.
In addition, the fund is working on reviewing another 100 institutions whose application has been received. Sawyerr said an additional disbursement of N850 million would leave NELFUND to various institutions due to receive the loans.
The fund has also approved the payment of upkeep loans and institutions’ charges for a total of 260,000 students. The upkeep loan and institution charges for each student is N250,000 per annum, but students can apply for less than the approved amount. Not every student who takes the institution loan wants the upkeep loan, which will be paid in tranches based on students’ need.
When asked if the loans could be given to Post Graduate students, Sawyerr said the mandate of the fund focuses 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.
NELFUND is a fund that enables students who have the least opportunities to get education. It is a vital initiative that is helping to bridge the gap in education for many students in Nigeria.
