Nigerian Education Loan Fund (NELFUND) Announces Imminent Disbursement of Loans to 110,000 Students
The Nigerian Education Loan Fund (NELFUND) has revealed that 110,000 students who successfully applied for the student loan scheme will start receiving their loan disbursements next week.
This announcement comes on the heels of President Bola Tinubu’s official launch of the disbursement process at the presidential villa.
However, before the disbursements commence, NELFUND Managing Director, Akintunde Sawyerr, emphasized that further verification processes will be conducted to ensure that the beneficiaries are bona fide and eligible applicants.
During an interview on Channels Television, Sawyerr disclosed that NELFUND has received N35 billion in financial backing from the Nigerian government. The initial disbursements will prioritize students embarking on a new academic session.
Furthermore, the NELFUND initiative, which initially targeted 1.2 million students from federal tertiary institutions, has now entered its second phase, expanding to include state-owned institutions. This development follows the signing of the reviewed Student Loan Act by President Tinubu in April, marking the official commencement of the scheme.
