Student Loans: NELFund Disburses To 40 Institutions, Gets N2m Refund

Nigeria Education Loan Fund (NELFund) has successfully disbursed student loans to 40 additional institutions, bringing the total disbursements to institutions to over 59.

NELFund disclosed this in a statement posted on its X platform yesterday.

It said the expansion marked a significant milestone in its ongoing commitment to provide access to quality education for all Nigerian students, regardless of their financial circumstances.

Managing director of NELFund, Mr. Akintunde Sawyerr, explained that NELFund’s initiative has been empowered to reach every corner of the country, ensuring that no student is marginalised.

He also stressed the importance of institutions to actively participate in the loan scheme by submitting student data promptly and accurately to ensure seamless loan disbursements.

In a related development, NELFUND has announced the receipt of N2,000,000 through a bank draft, given by Asiwaju Adegboyega Solomon Awomolo, a distinguished Senior Advocate of Nigeria and former beneficiary, in the 1970s, of the defunct federal government student loans scheme.

The fund, in a press statement signed by Monalisa Dike for the director, Corporate Communications said Awomolo benefitted from the loan during his undergraduate studies at the University of Ife (now Obafemi Awolowo University) in the 1975/1976 and 1976/1977 academic sessions.

It said Awomolo commitment to refund demonstrated his unwavering commitment to the nation by repaying the loan in full.

The loan, which at the time amounted to a total of N1,000.00 for both sessions, was instrumental in helping him complete his law degree.