Nigerian Students to Receive N850M Loan Today
The Nigerian Educational Loan Fund (NELFUND) announced on Tuesday that it will disburse N850 million to educational institutions today, Wednesday,31st Of July 2024.
Additional Funds Already Disbursed
This new disbursement is in addition to over N1.7 billion that has already been provided to around 20,000 students . Akintunde Sawyer, the Managing Director of NELFUND, shared this information during a press briefing in Abuja. Sawyer explained that the N850 million will be transferred directly to institutions. This is a continuation of NELFUND’s efforts to support students financially. He noted that the Fund has already disbursed institutional fees for 20,000 students.
Approval and Reach of the Loan Program
NELFUND has approved 260,000 loans, including both institutional fees and upkeep allowances. The program is designed to benefit at least 1.2 million students, aligning with the educational goals of President Bola Tinubu’s administration. This initiative is a crucial part of President Tinubu’s plan to support education in Nigeria. By providing these loans, the government aims to make higher education more accessible to a larger number of students.
The sum of N850 million will be leaving the account of NELFUND today to institutions. This is apart from the N1.7 billion naira that has already been disbursed,” said Akintunde Sawyer, Managing Director of NELFUND, during a press briefing in Abuja.
The Nigerian Educational Loan Fund’s latest disbursement of N850 million underscores the government’s commitment to supporting higher education. With N1.7 billion already distributed to 20,000 students and 260,000 loans approved, this initiative is set to benefit 1.2 million students. This significant financial support is a key component of President Bola Tinubu’s administration, aiming to make education more accessible and affordable for Nigerian students.
