The Nigerian Education Loan Fund (NELFUND) has successfully provided full fee coverage for 20,000 students amounting to over N1.7 billion.
The managing director/chief executive officer of the Fund, Akintinde Sawyerr, who disclosed this yesterday while giving an update on the student loans said additional N850 million will be released to the institutions today.
Sawyerr said that the 20,000 represented five institutions across the country, noting that students will be entitled to N250,000 upkeep paid annually into their accounts.
He said, “I am delighted to share that following Mr President’s directive, NELFUND has been able to disburse students’ institutional fees amounting to N1,172,388,340.00 for 20,000 students (100% paid) in esteemed institutions across the country.
“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.
“Within these institutions, a total of 11,083 students are the beneficiaries who applied for the loans and their tuition was paid 100 percent.
“This financial aid will enable them to focus on their studies without the added burden of financial worry. It is our belief that by investing in these students, we are investing in the future of Nigeria,” he said.
He added that in addition to the tuition charges, the Fund is aware of the need for upkeep support, saying that the payment of upkeep stipends will be conducted in the coming week with the utmost transparency and security.
“Furthermore, 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 added.
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