Students of tertiary institutions who have successfully applied for the Federal Government’s loan scheme and are starting new academic sessions will begin to receive credit alerts from next week, according to the Nigerian Education Loan Fund (NELFUND).
“The people who are going to first receive alerts as early as next week are those who are about to start a new session in their institutions,” NELFUND Managing Director Akintunde Sawyerr said on Channels Television’s Politics Today on Wednesday.
Other successful applicants will receive credit alerts when their academic sessions commence.
Sawyerr’s statement followed the launch of NELFUND by President Bola Tinubu at the State House in Abuja.
Sawyerr revealed that 170,000 applicants from universities, polytechnics, and colleges of education now have accounts with NELFUND, with 110,000 having completed the process.
“A formal launch of the disbursement circle played out at the State House on Wednesday,” he noted.
He emphasised that the programme is designed to provide Nigeria with better leadership in the future and improve the country’s socio-economic situation.
“To be precise, about 110,000 students have successfully applied. They’ve put in their applications and verified as being bona fide and eligible applicants. But we’ll still carry out further verification to make sure they are well-qualified to receive these loans,” he said, adding that over 110,000 students are likely to begin receiving disbursements from next week.
“It’s one thing to get approval for the loan, it’s another thing to begin to receive value. This loan is for those who are going to be starting institutions afresh or those who are already there.”
Sawyerr highlighted the necessary requirements for applicants, including Joint Admissions and Matriculation Board (JAMB) numbers, matriculation numbers, Bank Verification Numbers (BVN), and National Identification Numbers (NIN).
“Current exposure to students is about N35bn. We’ve got much more than that sitting in our accounts that we can disburse, and we’ve also got some funding on the way. Remember, we are getting 1% of Federal Inland Revenue Service taxes and we also can receive funding from other sources,” he explained.
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