NELFUND disburses over N20 billion for institutional fees

As of February 3, the Nigerian Education Loan Fund (NELFUND) has disbursed a total of N20,074,050,000 to cover institutional fees, benefiting at least 192,906 students across various tertiary institutions in Nigeria.

In a statement issued on Monday in Abuja, Akintunde Sawyerr, the Managing Director of NELFUND, provided details of the Fund’s progress.

He also revealed that NELFUND had received loan applications from 364,042 students to date, with 169,114 students already benefiting from the Fund’s monthly stipends disbursements.

Sawyerr disclosed that a total of N12,818,960,000 had been distributed for stipends, with each eligible student receiving N20,000.

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“We appreciate the unwavering support of President Bola Tinubu in making higher education accessible to all deserving Nigerian students,” Sawyerr said.

He further emphasized that NELFUND remains dedicated to maintaining transparency and efficiency in the management of the student loan scheme, assuring the public that regular updates will be provided as disbursements continue.