NELFUND announces disbursement of student loans starting next week for 110,000 applicants across Nigeria's universities and colleges. Managed by Akintunde Sawyerr, the program aims to support education with over N35bn allocated.
In a significant development for tertiary education financing, the Managing Director of NELFUND, Akintunde Sawyerr, announced on Channels Television’s Politics Today that students enrolled in the Federal Government’s loan scheme will begin receiving disbursements next week as they start their new academic sessions.
Sawyerr disclosed that the initial recipients would be those embarking on their fresh academic sessions across various institutions. He emphasized that out of the 170,000 applicants across universities, polytechnics, and colleges of education, 110,000 have completed the necessary procedures for funding. These students will receive monthly stipends directly, facilitated by NELFUND.
This announcement follows the recent launch of the Nigerian Education Loan Fund (NELFUND) by President Bola Tinubu at the State House in Abuja. Sawyerr clarified that disbursements would be channeled both to educational institutions on behalf of eligible students and directly to students themselves.
The program, according to Sawyerr, aims not only to alleviate financial burdens but also to enhance Nigeria’s future leadership and socio-economic landscape. He highlighted the stringent verification processes in place, including requirements such as JAMB numbers, matriculation numbers, BVNs, and NINs, to ensure transparency and accountability in the distribution of funds.
NELFUND, which currently holds approximately N35 billion for disbursement, anticipates additional funding from multiple sources, including a portion of Federal Inland Revenue Service taxes. Sawyerr assured that preparations are underway to ensure timely and efficient disbursement processes to qualifying students.
