Student Loan: Alex Ekwueme Varsity confirms receipt of ₦193m for 1,068 students

The Alex Ekwueme Federal University Ndufu-Alike, Ebonyi State, has confirmed the receipt of ₦193 million in institutional fees from the Nigerian Education Loan Fund (NELFUND) to cover the fees of 1,068 students.

Vice-Chancellor of the university, Prof. Sunday Elom, announced the release of the first tranche of funds in a letter addressed to NELFUND Managing Director, Akintunde Sawyerr.

With reference number AEFUNAI/OVC/03/103/VOL1, the correspondence was dated September 18, 2024.

Titled ‘Acknowledgment of Receipt of First Batch Disbursement of ₦193,377,100.00 Student Loan to AE-FUNAI,’ the correspondence indicated that the payment covered the institutional fees of 1,068 applicants.

Prof. Elom said: “I hereby confirm that our university received payment for 1,068 students amounting to a total of ₦193,377,100.00 (one hundred and ninety-three million, three hundred and seventy-seven thousand, one hundred naira only) as 1st batch disbursement under the Student Loan Programme on the 9th of September, 2024.”

The Guardian reports that the first phase of the interest-free student loan scheme, which commenced on May 24, 2024, is expected to benefit no fewer than 1.2 million students.

As of the time of filing this report, over ₦5,093,110,671 has been disbursed as institutional fees to 45,440 applicants from 59 federal and state institutions across the six geopolitical zones of the country.

Other beneficiary institutions and the amounts received as institutional fees include: Abia State University (₦12.5m); Michael Okpara University of Agriculture, Imo State (₦71m); Ebonyi State University (₦78m); University of Ibadan (₦201m); Delta State University, Abraka (₦46m); Federal University Gusau, Zamfara State (₦218m); Bauchi State University (₦12.7m); Yaba College of Technology, Lagos State (₦733m); Niger State Polytechnic (₦4.5m), among others.

The Fund, alongside the leadership of the National Association of Nigerian Students (NANS), has so far visited 14 tertiary institutions across the country for sensitization.

Speaking during his separate visits to JS Tarkaa University of Agriculture, Makurdi, Benue State, and Nasarawa State University, Keffi, NELFUND Managing Director, Akintunde Sawyerr, highlighted the importance of the programme in helping Nigerian students overcome financial barriers to education.

The Managing Director said the sensitization programme was aimed at encouraging students who may be hesitant to apply due to a lack of understanding of the scheme.

Sawyerr said the Fund has been empowered to reach every nook and cranny of the country, ensuring that no region is marginalised.