Tertiary students to receive ₦850m in loan funding from NELFUND today

The Nigerian Educational Loan Fund (NELFUND) has announced plans to disburse ₦850 million to students of tertiary institutions across the country. This was disclosed by the Managing Director of NELFUND, Akintunde Sawyer, during a press briefing held in Abuja on Wednesday.

Sawyer highlighted that this latest disbursement is in addition to over ₦1.7 billion already distributed to around 20,000 students. He stated, “The sum of ₦850 million will be leaving NELFUND’s account today to institutions. This is on top of the ₦1.7 billion that has already been disbursed.”

In his remarks, Sawyer also revealed that NELFUND has successfully processed and approved a total of 260,000 loans, which include payments for institutional fees and student upkeep. The initiative is part of a broader effort to alleviate the financial burdens faced by students and enhance access to education.

The educational loan program, a key initiative of President Bola Tinubu’s administration, is expected to benefit no fewer than 1.2 million students across Nigeria. The scheme represents a significant investment in the country’s future, aiming to provide financial support to students in need and ensure that financial constraints do not hinder access to higher education.

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It is noteworthy that President Tinubu had earlier approved ₦35 billion for the scheme’s commencement following the signing of the law backing the program on April 3. This financial boost is intended to ensure the sustainability of the educational loan scheme, which is seen as a critical step in addressing the challenges of student financing in Nigeria.

The ongoing disbursements by NELFUND underscore the government’s commitment to supporting the educational aspirations of Nigerian students, making higher education more accessible to all.