The Nigerian Education Loan Fund (NELFUND) announced that it has disbursed over N1.72 billion in loans to 20,000 students across five tertiary institutions.
Managing Director/Chief Executive Officer of NELFUND, Akintunde Sawyerr, provided these details during a briefing in Abuja on Wednesday.
Monthly Upkeep for Students
The NELFUND boss revealed that each student who receives a loan will be given N20,833 monthly for upkeep throughout their studies, totaling N250,000 per student.
“I am delighted to share that following Mr. President’s directive, NELFUND has been able to disburse students’ institutional fees amounting to N1.72 billion for 20,000 students (100% paid) in esteemed institutions across the country,” Sawyerr stated.
Upcoming Disbursements
In addition to the already disbursed amount, NELFUND plans to disburse an additional N850 million to another institution by Wednesday, bringing the total amount disbursed to tertiary institutions to N2.5 billion.
Collaborations and Future Initiatives
NELFUND is working with several key agencies and institutions to ensure transparency and security in the disbursement process.
These agencies include the Nigerian Financial Intelligence Unit (NFIU), the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
“We are collaborating with several key agencies and institutions to ensure this. The NFIU, DSS, EFCC, and ICPC will work alongside the various banks involved in this process,” Sawyerr added.
Additionally, NELFUND is set to launch new skills training programs designed to empower Nigerians with the knowledge and expertise needed to excel in their fields.
“We are excited to announce that we will be launching a series of new skills training programs in the coming weeks,” Sawyerr concluded.
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