Nigerian Student Loan Payouts Surge as NELFund Disburses N2.5 Billion
- The Nigerian Education Loan Fund (NELFund) has sanctioned student loans exceeding N2.5 billion
- According to NELFund, these funds aim to support students in continuing their education uninterrupted
- The organization mentioned that the distribution of funds is aligned with the academic calendars of the respective institutions
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.
The Nigerian Education Loan Fund (NELFund) announced the approval of student loans totalling more than N2,530,235,750.
These funds will be allocated to various institutions, benefiting a total of 22,120 students.
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It would be recalled that President Bola Ahmed Tinubu launched NELFUND on Wednesday, July 17, marking the formal commencement of the programme’s implementation.
Legit.ng had reported that 60,000 students from federal tertiary institutions have registered on its portal to apply for loans within one week of the program's launch.
FG approves N2.5 billion for student loan
Recently, NELFund revealed that it had previously allocated N1.1 billion to cover the full institutional fees for over 20,000 students across multiple institutions nationwide.
In addition to these institutional payments, NELFund has now started disbursing stipends to assist with students' living expenses.
The organization clarified that these financial disbursements are scheduled according to each institution's academic calendar.
Nasir Ayitogo, a spokesperson for NELFund, stated that N442 million has been designated for July.
He emphasized that these disbursements are intended to enable Nigerian students to continue their studies without interruption, providing crucial peace of mind for both the students and their families.
He said:
“The upkeep payments will benefit all 22,120 students across 12 institutions, with more to come in the coming weeks and months. This reflects the federal government’s commitment to the overall well-being and academic success of Nigerian students in government institutions."
He noted that these figures demonstrate NELFund's steadfast commitment to preventing financial limitations from hindering academic progress.
According to him, the disbursements will greatly alleviate the financial pressures faced by students and their families, allowing them to concentrate on their studies and future careers.
Speaking on the matter, Tobi Akinloye, a social commentator, told Legit.ng that the FG's recent disbursement of student loans marks a significant step towards improving access to higher education.
He said:
"This initiative is poised to alleviate financial burdens on students, enabling them to focus on their studies and achieve their academic goals. By investing in the education sector, the government demonstrates a commitment to nurturing the nation's future leaders and fostering socio-economic development."
He, however, stated that it is crucial to ensure transparent and equitable distribution of these loans to maximize their impact and reach.
36 institutions onboarded for student loan
In related news, Legit.ng reported that 36 state-owned tertiary institutions had been onboarded for the student loan programme.
NELFUND, in a statement released on Sunday, July 7, via its website on X, noted that the students of the institutions can commence their loan applications.
The agency added that the management of these institutions have successfully submitted their student data to the NELFUND Student Verification System (SVS).
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Source: Legit.ng
