Student Loan: Over ₦33 Billion Already Disbursed To 261,000 Beneficiaries – NELFUND Claims

The Nigerian Education Loan Fund (NELFUND) has announced that it has disbursed nearly ₦33 billion to 261,000 students nationwide.

The Managing Director of the federal agency, Akintunde Sawyer, shared this information on Thursday during a sensitization event for students in the Edo North Senatorial District, which was organized in collaboration with the State Ministry of Education.

Naija News reports that the event took place at Edo University, Iyamho, located in the Etsako West Local Government Area.

Sawyer indicated that of the total funds distributed, over ₦22 billion has been designated for institutional fees, while around ₦11 billion has been allocated for students’ monthly living expenses, culminating in a total of approximately ₦33 billion.

Additionally, the NELFUND director disclosed that the agency has received around 520,000 registrations and processed about 419,000 applications. To date, it has successfully processed and disbursed both institutional fees and living allowances to 261,000 students.

Sawyer stressed that NELFUND possesses adequate resources to assist Nigerian students as long as they fulfill the eligibility requirements of enrolling in any recognized tertiary institution within the country.

He added: “So far, we are very well funded. The political will demonstrated by Mr President to allow us access to funds beyond statutory allocations is highly commendable.

“The law allows us to raise funds from non-governmental sources, and I think it is fair to say that many Nigerians are supporting students with their tuition fees.”

He elaborated that specific non-governmental organizations are currently contributing financial resources to NELFUND, allowing the agency to distribute funds by its objectives and mission.

Sawyer also observed that numerous individuals are eager to contribute to the nation but have previously been without an appropriate platform to facilitate their efforts.