The Nigerian Education Loan Fund said on Wednesday it had disbursed a total of N1.17bn to 20,000 students in five of the public tertiary institutions that applied for the loan.
The Managing Director of NELFUND, Akintunde Sawyerr, disclosed this at a news conference in Abuja on Wednesday. Sawyerr said NELFUND would keep increasing the number of beneficiaries based on applications.
According to him, the fund is working on reviewing another 100 institutions whose applications have been received.
“I am delighted to share that following President Bola Tinubu’s directive, NELFUND has been able to disburse students’ institutional fees amounting to N1,172,388,340.00 for 20,000 students (100 per cent paid) in the institutions across the country.
“These institutions were carefully selected based on their academic calendar. We have approved 260,000 loans, which is both institutional fees and upkeep. It is not everyone who applied for an institutional loan who requested an upkeep loan. We are collaborating with a number of agencies and institutions to ensure that this scheme works fine, he said.
