The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of more than N1.72 billion in loans to 20,000 students across five tertiary institutions. This initiative, aimed at supporting students with their education expenses, is part of a broader effort to enhance access to higher education in Nigeria.
According to NELFUND's Managing Director/CEO, Akintunde Sawyerr, an additional N850 million will be allocated to another institution by the end of Wednesday, bringing the total disbursed amount to N2.5 billion. Each student receiving the loan will be granted N20,833 monthly for upkeep, with a total loan amount of N250,000 per student.
Sawyerr detailed that the fund has approved 260,000 loans, covering both institutional fees and upkeep. The selection of institutions for the disbursement was based on their academic calendar to ensure a fair distribution of resources. Future disbursements will align with the start of academic sessions at other institutions to maintain transparency.
The fund's disbursement process is supported by several key agencies, including 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). These agencies, along with various banks, will oversee the transparent and secure management of the funds.
NELFUND also plans to introduce new skills training programs aimed at equipping Nigerians with valuable expertise for future success.
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