The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of N1.17 billion to 20,000 students across five tertiary institutions in Nigeria. This significant development was disclosed by NELFUND’s Managing Director/Chief Executive, Akintunde Sawyerr, during a press conference in Abuja on Wednesday.
The announcement followed a one-day working visit by the Minister of State for Education, Yusuf Sununu. Sawyerr also revealed that an additional N850 million would be allocated to students from another institution who applied for loans on Wednesday. Loans for students from approximately 100 public universities, polytechnics, and colleges of education are currently under processing.
Sawyerr expressed satisfaction with the minister’s positive assessment of NELFUND’s transparency and praised the support from both Sununu and President Bola Tinubu. He credited their vision with driving transformative changes in Nigeria’s education sector.
“I must extend our profound gratitude to His Excellency, President Bola Ahmed Tinubu. His visionary leadership and unwavering dedication to the advancement of education in Nigeria have driven this initiative,” Sawyerr said. “Under his administration, we have seen a renewed focus on empowering our youth through education, and today’s announcement is a direct result of his commitment.”
The disbursement of over N1 billion was executed following a directive from President Tinubu. “I am delighted to share that NELFUND has disbursed N1,172,388,340.00 for 20,000 students in esteemed institutions across the country, following Mr. President’s directive,” Sawyerr noted. He added that institutions were selected based on their academic calendar, with further disbursements planned to align with other institutions’ session commencements.
The financial aid aims to ease the financial burden on students, allowing them to concentrate on their academic pursuits. Sawyerr emphasized, “By investing in these students, we are investing in the future of Nigeria.”
Additionally, he disclosed that 260,000 students have been approved for upkeep loans and institutional charges, amounting to N250,000 per student annually. The upkeep loan will be disbursed in tranches based on individual needs.
NELFUND also plans to launch new skills and vocational training programs for young Nigerians not enrolled in tertiary institutions. “We are excited to announce that we will be launching a series of new skills training programmes in the coming weeks. These programmes are designed to empower Nigerians with the knowledge and expertise needed to excel,” Sawyerr added.