Students loan: NELFUND confirms GUARDIAN story, applicants to get N20,000 monthly upkeep

The Nigerian Education Loan Fund (NELFUND) has confirmed The Guardian story indicating that applicants for the students’ loan scheme would get an upkeep of N20,000 monthly.

Speaking at a press conference in Abuja on Wednesday, Managing Director/Chief Executive Officer of NELFUND, Akintunde Sawyerr, revealed that students who applied for upkeep allowance will receive N250,000 per annum, an average of N20,833 monthly.

While saying that the stipend would be staggered, Sawyerr pointed out that the Fund has disbursed over N1.72 billion in institutional fees for 20,000 students across five institutions of higher learning.

He added that an additional N850 million would be disbursed before the close of work on Wednesday to another institution, bringing the total disbursed amount to tertiary institutions to N2.5 billion.

The agency, he added, has also approved 260,000 loans consisting of institutional fees and upkeep loans.

His words: “I am delighted to share that following Mr President’s directive, NELFUND has been able to disburse students’ institutional fees amounting to N1.72 billion for 20,000 students (100% paid) in esteemed institutions across the country.

“These institutions were carefully selected based on their academic calendar. Disbursement to other institutions will be made at the beginning of their sessions to ensure a transparent and equitable distribution of resources.

“In addition to the tuition charges, we are also cognizant of the need for upkeep support. The payment of upkeep stipends will be conducted in the coming week with the utmost transparency and security.

“We are collaborating with several key agencies and institutions to ensure this. The Nigerian Financial Intelligence Unit (NFIU), the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) will work alongside the various banks involved in this process.

“Furthermore, we are excited to announce that we will be launching a series of new skills training programs in the coming weeks. These programs are designed to empower Nigerians with the knowledge and expertise needed to excel.”

Last week, The Guardian reported that 102,000 beneficiaries would receive a minimum of a N20,000 monthly stipend from the Fund.