The Nigerian Educational Loan Fund (NELFUND) has announced the disbursement of ₦850 million to tertiary institution students today. The Managing Director of NELFUND, Akintunde Sawyer, disclosed this during a press briefing in Abuja.
Sawyer stated, “The sum of ₦850 million will be leaving the account of NELFUND today to institutions. This is apart from the ₦1.7 billion that has already been disbursed to about 20,000 students.”
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He revealed that the Fund had previously disbursed institutional fees to 20,000 students and noted that a total of 260,000 loans, including institutional fees and upkeep, have been approved.
The initiative aims to benefit over 1.2 million students as part of President Bola Tinubu’s administration.
President Tinubu had approved ₦35 billion for the scheme’s take-off after signing the law backing it on April 3.
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Sawyer expressed gratitude to the President for his visionary leadership and dedication to education.
In his address, Sawyer acknowledged the presence of the Honourable Minister of State for Education, Dr. Yusuf Sununu, and emphasized the government’s commitment to making higher education accessible to all deserving Nigerians, regardless of their financial background.
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Sawyer detailed that NELFUND had disbursed over ₦1.17 billion for institutional fees, fully covering tuition for 20,000 students across selected institutions.
The disbursement to other institutions will be made at the beginning of their sessions to ensure transparency and equity.
He also mentioned that upkeep stipends would be distributed in the coming week, in collaboration with key agencies such as the Nigerian Financial Intelligence Unit (NFIU), the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
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In addition to financial aid, NELFUND plans to launch new skills training programs to empower Nigerian students with the knowledge and expertise needed to excel.
Sawyer assured that all parties involved are committed to maintaining the highest standards of integrity and accountability, with a focus on minimizing potential leakages and prosecuting any wrongdoing swiftly.
He expressed gratitude to all partners and stakeholders for their support in making this initiative a reality, highlighting that today’s announcement is a testament to President Tinubu’s unwavering dedication to the education sector and the future of Nigeria’s youth.
