Student loan: N11bn disbursed to 90,000 Nigerian students

The Nigerian Education Loan Fund, NELFUND, says it has disbursed N11 billion to 90,000 students in the past six months.

Dr. Akintunde Sawyer, Managing Director of NELFUND, made this known when the Senate Committee on Tertiary Institutions and TETFund, led by Senator Muntari Dandutse, paid an oversight visit to NELFund’s office in Abuja on Tuesday.

He noted that the fees and stipends for over 90,000 students had been paid.

“Three hundred students have been deemed to qualify for the loans. The gap between those that have qualified and those in benefit of the loan is that we have to go through a rigorous process to ensure we are not giving money to the wrong people,” the NELFUND boss said.

“That figure, N96 billion, is the loan committed to. It’s not the disbursed figure. We have disbursed just below N11 billion.

“The rest of it is going to be disbursed over the next few weeks to students until it gets to that N96 billion.”

This is coming few weeks after NELFUND approved student loan disbursements to five tertiary institutions in the South-East and other regions in Nigeria.