By Felix Khanoba
The Nigerian Education Loan Fund (NELFUND) has disbursed N1.17 billion to 20,000 students across five tertiary institutions in Nigeria.
This announcement was made by NELFUND’s Managing Director/Chief Executive, Akintunde Sawyerr, during a press conference in Abuja on Wednesday.
The conference followed a one-day working visit by the Minister of State for Education, Yusuf Sununu.
Sawyerr revealed that an additional N850 million would be released to students from another institution who applied for loans on Wednesday.
He also noted that loans for students from approximately 100 public universities, polytechnics, and colleges of education are currently being processed.
Expressing satisfaction with the minister’s positive evaluation of NELFUND’s transparency, Sawyerr praised the support from Sununu and President Bola Tinubu, crediting their vision with transforming the education sector in Nigeria.
“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 stated. “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.”
Sawyerr emphasized that the disbursement of over N1 billion was made 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.
“These institutions were carefully selected based on their academic calendar. Disbursement to other institutions will be made at the beginning of their sessions to ensure a transparent and equitable distribution of resources,” he said.
He highlighted that the financial aid aims to alleviate the financial burden on students, allowing them to focus on their studies.
“By investing in these students, we are investing in the future of Nigeria,” he added.
Sawyerr also disclosed that a total of 260,000 students had been approved for upkeep loans and institutional charges, amounting to N250,000 per student annually. He noted that not all students who took the institutional loan opted for the upkeep loan, which would be disbursed in tranches based on the students’ needs.
Additionally, Sawyerr announced that NELFUND would soon launch skills and vocational training programmes 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,” he said.
