NELFUND Disburses N2.5bn Loans To 22,000 Students

The Nigerian Education Loan Fund (NELFUND) has continued the disbursement of substantial student loans to institutions and students nationwide.

Consequently, the Fund has further approved student loans amounting now to over N2,530,235,750, being disbursed across many institutions, benefiting 22,120 students.

The head, media and public relations of NELFUND, Mr. Nasir Ayitogo, in a press statement, said the strategic effort aimed to ensure that students who really need the funds can continue their education by lowering their burden of financial constraints.

“So far, six of the twelve institutions have received full payment of their institutional fees, covering over 20,000 students. The total amount disbursed to these institutions stands at approximately N2,026,163,340. A further six will receive their payments in the coming week.

“These disbursements will ensure that Nigerian students can proceed with their academic activities unimpeded, fostering peace of mind much needed for these students and their families.

“In addition to the institutional fees, NELFUND has also commenced the payment of upkeep to students.

“This initiative will provide essential financial support for living expenses. A total of N442,400,000 has been allocated for the month of July.”

He added that the upkeep payments will benefit all 22,120 students across the 12 institutions, with more to come in the coming weeks and months, reflecting the federal government’s commitment to the overall well-being and academic success of Nigerian students in government institutions.

The Fund further clarified that disbursements were made based on each institution’s academic calendar (beginning of academic session).