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The management of the Nigerian Education Loan Fund (NELFUND) has announced the payment of N20,000 monthly upkeep stipends to 20,371 students from six tertiary institutions across the country.
According to a statement dated 5 August and signed by the agency’s Director of Finance and Accounts, Ibom Uche, the beneficiaries, who are students of Bayero University, Kano; Federal University, Dutsin-Ma; University of Ilorin; University of Benin; University of Ibadan and University of Maiduguri, have begun receiving upkeep stipends for the month of July.
Mr Uche said the agency is diligently working to commence the payment process for students from approximately 55 additional tertiary institutions.
“It is anticipated that this will be concluded within the next two weeks as the fund is committed to ensuring that all eligible students receive their stipends promptly,” he said.
He added that the agency “remains steadfast in its mission to support the educational aspirations of Nigerian students by providing financial assistance for studies at qualifying institutions and ensuring the timely disbursement of stipends for day to day expenses.”
Breakdown
Meanwhile, the management had earlier released the breakdown of how it disbursed the sum of N2 billion as institutional fees to the six tertiary institutions.
The breakdown was released on the agency’s X handle on Saturday, saying it disbursed N853 million to Bayero University, Kano; N589 million to the University of Maiduguri, and N304 million to the Federal University, Dutsin-ma, Katsina State.
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The University of Ibadan got N201 million; University of Ilorin got N52 million while University of Benin got N24 million.
Backstory
PREMIUM TIMES reported that the Fund had earlier disbursed a total of N2.5 billion to 22,120 students across 12 tertiary institutions. This includes payment of institutional fees for N20,000 students in six institutions and upkeep stipends of N442 million for the month of July.
The fund’s disbursements are made based on each institution’s academic calendar.
READ ALSO: Student Loan: NELFUND disburses N1.17 billion to Nigerian students, pledges accountability
It was also announced that the remaining six institutions will receive their payments soon.
According to the agency, the disbursements aim to ease financial burdens on students and their families, enabling them to focus on their studies.
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