The Alex Ekwueme Federal University, Ndufu-Alike, Ebonyi State, has confirmed the receipt of N193 million in institutional fees from the Nigerian Education Loan Fund (NELFUND) to cover the fees of 1,068 students.

The 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 N193,377,100.00 students’ loan to AE-FUNAI’, the correspondence indicated that the payment covered the institutional fees of 1,068 applicants.

Prof. Elom said: “I confirm that our university received payment for 1,068 students, amounting to N193,377,100.00, on September 9, 2024, as the first batch disbursement under the student’s loan programme.”

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.

At the time of filing this report, over N5, 093,110,671 have 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 amount received include Abia State University (N12.5 million); Michael Okpara University of Agriculture, Umudike, Abia State (N71 million); Ebonyi State University (N78 million); University of Ibadan (N201 million); Delta State University, Abraka (N46 million); Federal University Gusau, Zamfara State (N218 million); Bauchi State University (N12.7 million); Yaba College of Technology, Lagos State (N733 million); Niger State Polytechnic (N4.5 million), among others. The fund, alongside the leadership of the National Association of Nigerian Students (NANS), has visited 14 tertiary institutions for sensitisation.