NELFUND Disburses N11 Billion to Support 90,000 Students in Nigeria.

In a significant development for higher education in Nigeria, the Nigerian Education Loan Fund (NELFUND) has announced the disbursement of N11 billion to support 90,000 students within the last six months. This announcement was made by Dr. Akintunde Sawyer, the Managing Director of NELFUND, during an oversight visit by the Senate Committee on Tertiary Institutions and TETFund, led by Senator Muntari Dandutse, to NELFUND’s Abuja office.

Dr. Sawyer elaborated on the fund’s objectives, highlighting the rigorous process in place to ensure that loans are provided only to qualified students. Despite the high number of applicants, only 300 students have been deemed eligible thus far, reflecting NELFUND’s commitment to responsible lending practices. The total loan commitment stands at N96 billion, with just under N11 billion already disbursed to facilitate educational fees and stipends for the enrolled students.

Looking ahead, Dr. Sawyer indicated that the remaining funds would be distributed over the coming weeks, aiming to fulfill the N96 billion commitment and further support the Nigerian educational landscape. This initiative follows a recent approval for student loan disbursements to five tertiary institutions across various regions in Nigeria, underscoring NELFUND’s ongoing efforts to enhance access to education for students in need.

The proactive measures taken by NELFUND illustrate a substantial step towards alleviating the financial burdens faced by students, fostering a more inclusive educational environment in Nigeria. As the disbursements continue, it is anticipated that more students will benefit from this vital funding, contributing to the nation’s goal of expanding access to quality education.