The Nigerian Educational Loan Fund (NELFUND) announced that it will disburse ₦850 million to institutions for fees today (Wednesday). This was disclosed by the Managing Director of the Fund, Akintunde Sawyer, during a press briefing in Abuja.
Akintunde stated, "The sum of ₦850 million will be leaving the account of NELFUND today to institutions. This is in addition to the ₦1.7 billion that has already been disbursed."
Earlier, Sawyer had revealed that the Fund had disbursed institutional fees to 20,000 students through their respective institutions. He also noted that a total of 260,000 loans, including institutional fees and upkeep, have been approved.
Approximately 1.2 million students are expected to benefit from this key initiative of President Bola Tinubu’s administration. It is worth recalling that President Tinubu approved ₦35 billion for the scheme's launch after signing the supporting legislation on April 3.
Within these institutions, 11,083 students who applied for the loans had their tuition fully paid. This financial aid is intended to enable students to focus on their studies without the burden of financial worries. By investing in these students, we are investing in the future of Nigeria.
ADDRESS BY MR AKINTUNDE SAWYERR, MANAGING DIRECTOR/CEO OF THE NIGERIAN EDUCATION LOAN FUND (NELFUND) ON WEDNESDAY, 31st JULY, 2024.
It is with immense pleasure and a deep sense of responsibility that I stand before you today to announce a significant milestone in our collective efforts to enhance the educational landscape of our great nation.
This occasion marks a testament to our shared commitment to ensuring that higher education is accessible to all deserving Nigerians, regardless of their financial background.
Firstly, I would like to acknowledge the presence of the Honourable Minister of State for Education, Dr Yusuf Sununu who is with us today on a one-day working visit.
Your presence, Honourable Minister, underscores the importance of this initiative and highlights the government’s unwavering support for the advancement of education in Nigeria. We are honored to have you here and grateful for your continuous advocacy and leadership in the educational sector.
I must also extend our Excellency, President Bola Ahmed Tinubu (GCFR). His visionary leadership and unwavering dedication to the advancement of education in Nigeria have driving forces behind this initiative.
Under his administration, we have seen a renewed focus on the empowerment of our youth through education, and today’s announcement is a direct result of his commitment to this cause.
Mr. President, your steadfast support and belief in the potential of Nigerian students have made this possible, and we are deeply grateful.
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.
