NELFUND Disburses N116bn for Students’ Fees, Allowances
Akintunde Sawyerr, the managing director of the Nigerian Education Loan Fund (NELFUND), announced that the agency has allocated N116 billion for tuition and living expenses for students in public tertiary institutions since the program started.
Sawyerr provided this update in Abuja during a press briefing. He pointed out that this funding shows the federal government’s commitment to making higher education affordable and inclusive.
The NELFUND managing director also explained that N65 billion has been paid directly to 239 public tertiary institutions, which include universities, polytechnics, and colleges of education, for students whose loan requests have been approved.
He further noted that N51 billion has been given out as monthly living allowances directly to the students benefiting from the loans.
“We have received 1,067,000 loan applications. We have covered tuition and living expenses for 624,000 students across 239 government-owned universities, polytechnics, and colleges of education.
We have processed payments for these 239 institutions. So far, we have allocated N65 billion for school fees and N51 billion for monthly allowances.
“This is a large sum of money, and many people have benefited from the allowances. Overall, we have disbursed N116 billion of the federal government’s funds,” he emphasized.
Additionally, he mentioned that the agency has processed a total of 1,067,000 loan applications, with 624,000 students currently benefiting.
Sawyerr also stated that NELFUND continues to receive a high number of student applications every day.
He underscored that this loan program is an important social investment initiative of President Bola Tinubu’s administration, focused on removing financial barriers for students in higher education. This ensures that financial issues do not stop any Nigerian from accessing education.
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