Good news as FG approves N2.5 billion for student loan disbursements

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The Nigerian Education Loan Fund (NELFund) announced the approval of student loans totalling more than N2,530,235,750.

These funds will be allocated to various institutions, benefiting a total of 22,120 students.

Nigerian Student Loan Payouts Surge as NELFund Disburses N2.5 Billion
Source: Getty Images

Recently, NELFund revealed that it had previously allocated N1.1 billion to cover the full institutional fees for over 20,000 students across multiple institutions nationwide.

In addition to these institutional payments, NELFund has now started disbursing stipends to assist with students' living expenses.

The organization clarified that these financial disbursements are scheduled according to each institution's academic calendar.

Nasir Ayitogo, a spokesperson for NELFund, stated that N442 million has been designated for July. He emphasized that these disbursements are intended to enable Nigerian students to continue their studies without interruption, providing crucial peace of mind for both the students and their families.

He said:

“The upkeep payments will benefit all 22,120 students across 12 institutions, with more to come in the coming weeks and months. This reflects the federal government’s commitment to the overall well-being and academic success of Nigerian students in government institutions."

He noted that these figures demonstrate NELFund's steadfast commitment to preventing financial limitations from hindering academic progress.

According to him, the disbursements will greatly alleviate the financial pressures faced by students and their families, allowing them to concentrate on their studies and future careers.

Source: Legit.ng