The Nigerian Educational Loan Fund (NELFUND) has announced the disbursement of ₦850 million to institutions as fees, according to Managing Director Akintunde Sawyer.
Sawyer made the announcement during a press briefing in Abuja on Wednesday, stating that the funds would be released to institutions today.
He said the disbursement is in addition to the ₦1.7 billion already disbursed to 20,000 students.
“I am delighted to share that, following Mr. President’s directive, NELFUND has been able to disburse students’ institutional fees amounting to N1,172,388,340.00 for 20,000 students (100% paid) in esteemed institutions across the country,” Sawyer disclosed.
“These institutions were carefully selected based on their academic calendar. Disbursements to other institutions will be made at the beginning of their sessions to ensure a transparent and equitable distribution of resources.
“Within these institutions, a total of 11,083 students are the beneficiaries who applied for the loans and their tuition was paid 100 per cent.”
Sawyer also revealed that a total of 260,000 loans, including institutional fees and upkeep, have been approved.
“In addition to the tuition charges, we are also cognizant of the need for upkeep support. The payment of upkeep stipends will be conducted in the coming week with the utmost transparency and security.”
He noted that the financial aid will enable students to focus on their studies without the added burden of financial worry, adding that the federal government believes that by investing in these students, they are investing in the future of Nigeria.
“We are collaborating with several key agencies and institutions to ensure this. 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) will work alongside the various banks involved in this process.
The director also announced that the government will be launching a series of new skills training programmes in the coming weeks.
Sawyer stated that the upcoming programmes is designed to empower Nigerians with the knowledge and expertise needed to excel.
