NELFUND approves N2.5b student loan, benefits 22,120 students

The Nigerian Education Loan Fund (NELFUND) says it has approved student loans amounting to over N2,530,235,750, being disbursed across many institutions, to benefit 22,120 students.

NELFUND’s spokesperson, Nasir Ayitogo, disclosed this in a statement on Friday.

NELFUND revealed that six of the twelve institutions have received full payment of their institutional fees, covering over 20,000 students.

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It also added that the total amount disbursed to these institutions stands at approximately N2,026,163,340, while a
further six will receive their payments in the coming week.

“These disbursements will ensure that Nigerian students can proceed with their academic activities unimpeded, fostering peace of mind much needed for these students and their families,” NELFUND stated.

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In addition to the institutional fees, NELFUND has also commenced the payment of upkeep to students.

The agency said the initiative will provide essential financial support for living expenses and that a total of N442,400,000 has been allocated for the month of July.

“The upkeep payments will benefit all 22,120 students across the twelve institutions, with more to come in the coming weeks and months, reflecting the federal government’s commitment to the overall well-being and academic success of Nigerian students in government institutions.

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“NELFUND believes that these disbursements will significantly ease the financial burdens on students and their families, enabling them to focus on their studies and future careers.”

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NELFUND, however, noted that the disbursements are made based on each institution’s academic calendar (beginning of session).

It also extends its gratitude to all the participating institutions for their cooperation and dedication to this cause.