The Nigerian Educational Loan Fund (NELFUND) is set to disburse ₦850 million to tertiary institution students today, announced Managing Director Akintunde Sawyer during a press briefing in Abuja.
This amount is in addition to the ₦1.7 billion already disbursed to about 20,000 students for institutional fees. Sawyer noted that a total of 260,000 loans, covering both institutional fees and upkeep, have been approved, with the program expected to benefit around 1.2 million students.
Sawyer expressed gratitude for the support from President Bola Tinubu, who approved ₦35 billion for the scheme after signing it into law on April 3. He also acknowledged the presence of the Honourable Minister of State for Education, Dr. Yusuf Sununu, and thanked President Tinubu for his commitment to advancing education in Nigeria.
Sawyer highlighted the transparent and equitable distribution of funds to institutions based on their academic calendars. He emphasized that 11,083 students have benefited from the loans, with their tuition fees fully covered. Upkeep stipends will be disbursed in the coming week, with the process overseen by agencies such as 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).
Additionally, NELFUND plans to launch new skills training programs to empower Nigerians with necessary expertise. Sawyer assured that measures are in place to ensure accountability and integrity in the disbursement process, with swift prosecution for any wrongdoing. He extended gratitude to all partners, institutions, and stakeholders for their support in making the initiative successful.