As of February 3, the Nigerian Education Loan Fund (NELFUND) has disbursed a total of N20,074,050,000 for institutional fees, benefiting at least 192,906 students enrolled in various tertiary institutions across the country.
This update was shared in a statement by Akintunde Sawyerr, the Managing Director of NELFUND, and made available to the press in Abuja on Monday.
Sawyerr further revealed that the Fund had received loan applications from 364,042 students to date. In addition, a total of 169,114 students have received monthly stipends through the NELFUND scheme, amounting to N12,818,960,000. Each of the beneficiaries has been provided with a stipend of N20,000.
“We deeply appreciate the consistent support of President Bola Tinubu in making higher education accessible to all deserving Nigerian students,” Sawyerr said. “NELFUND remains fully committed to maintaining transparency and efficiency in managing the student loan scheme. We will continue to provide timely and accurate updates as the disbursement process progresses.”
The Nigerian Education Loan Fund, established to alleviate financial barriers to tertiary education, aims to ensure that more students have the opportunity to complete their academic programs without the hindrance of financial constraints.
With increasing disbursements and applications, the initiative continues to be a pivotal support system for Nigerian students pursuing higher education.
