The Nigerian Education Loan Fund (NELFUND) has paid N2,530,235,750 as tuition fees for 22,120 students and allocated N442,400,000 as financial support for the students’ upkeep in July 2024.
The NELFUND spokesperson, Nasir Ayitogo, disclosed this in a statement on Friday, August 2, 2024.
Ayitogo noted that though six out of 12 institutions have received full payments of their institutional fees for beneficiaries, the balance for the remaining institutions would be cleared in the coming week.
He said: “In alignment with President Bola Ahmed Tinubu’s commitment to enhancing educational opportunities for Nigerians, NELFUND has continued the disbursement of substantial student loans to institutions and students nationwide.
“In the light of the foregoing, NELFUND has so far further approved student loans amounting now to over N2,530,235,750, being disbursed across many institutions, benefiting 22,120 students.
“This strategic effort aims to ensure that students who really need the funds can continue their education by lowering burden of financial constraints.
NELFUND disburses N1.17bn loan to 20,000 tertiary students
“So far, six of the twelve institutions have received full payment of their institutional fees, covering over 20,000 students. The total amount disbursed to these institutions stands at approximately N2,026,163,340. A further six will receive their payments in the coming week.
“These disbursements will ensure that Nigerian students can proceed with their academic activities unimpeded, fostering peace of mind much needed for these students and their families.
“In addition to the institutional fees, NELFUND has also commenced the payment of upkeep to students.
“This initiative will provide essential financial support for living expenses. A total of N442,400,000 has been allocated for the month of July.
“The upkeep payments will benefit all 22,120 students across the twelve institutions, with more to come in the coming weeks and months, reflecting the federal government’s commitment to the overall well-being and academic success of Nigerian students in government institutions.
“These figures highlight NELFUND’s unwavering dedication to ensuring that financial constraints do not impede academic pursuits.
“NELFUND believes that these disbursements will significantly ease the financial burdens on students and their families, enabling them to focus on their studies and future careers.
“The Fund wants to use this medium to clarify to the general public that disbursements are made based on each institution’s academic calendar (beginning of session).
“NELFUND extends its gratitude to all the participating institutions for their cooperation and dedication to this cause. We also appreciate the continued support of all stakeholders who have played a pivotal role in making this initiative a success.”
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