The Nigerian Education Loan Fund (NELFUND) has announced that it has disbursed a total of N11 billion to 90,000 students over the past six months.Â
Dr. Akintunde Sawyer, Managing Director of NELFUND, shared the update during an oversight visit to the fund’s office in Abuja by the Senate Committee on Tertiary Institutions and TETFund, led by Senator Muntari Dandutse, on Tuesday.Â
Dr. Sawyer confirmed that the fees and stipends for more than 90,000 students have been successfully processed and paid.Â
“Three hundred students have qualified for the loans. The difference between those who qualify and those who have received the loan is that we have to ensure a thorough vetting process to avoid disbursing funds to the wrong individuals,” he explained.Â
He also clarified that while N96 billion is the total loan commitment, only just under N11 billion has been disbursed so far. The remaining funds will be distributed over the coming weeks until the full N96 billion target is reached.Â
This announcement follows the recent approval by NELFUND to begin disbursing student loans to five tertiary institutions in the South-East and other regions across Nigeria.
Peoplesmind
