1 month ago
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The management of the Nigerian Education Loan Fund (NELFUND) said it has now disbursed a total of N2.5 billion to 22,120 students across 12 tertiary institutions in the country.
According to a statement signed by the agency’s spokesperson, Nasir Ayitogo, six institutions have already received full payment of their institutional fees, covering over 20,000 students, while the remaining six will receive their payments soon.
He said, “The total amount disbursed to these institutions stands at approximately N2,026,163,340. A further six will receive their payments in the coming week.
“These disbursements will ensure that Nigerian students can proceed with their academic activities unimpeded, fostering peace of mind much needed for these students and their families.”
Students’ stipends
In addition to the institutional fees, the management disclosed that it has also commenced payment of upkeep stipends to students, with N442 million allocated for the month of July.
Mr Ayitogo said the upkeep payments will benefit all 22,120 students across the 12 institutions, with more to come in the coming weeks and months.
He also added that the agency believes that the disbursements will “significantly ease the financial burdens on students and their families, enabling them to focus on their studies and future careers.”
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“The Fund want to use this medium to clarify to the general public that disbursements are made based on each institution’s academic calendar (beginning of session),” he added.
About scheme
The implementation of the student loan scheme is President Bola Tinubu’s flagship project in the education sector.
Barely a month after his inauguration as president, Mr Tinubu signed the Access to Higher Education Act, which creates a legal framework for granting loans to indigent or low-income Nigerians to facilitate the payment of their fees in Nigerian tertiary institutions.
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The law, reenacted earlier this year, created the Nigerian Education Loan Fund (NELFUND). NELFUND is saddled with the responsibility of handling all loan requests, grants, disbursement, and recovery.
The Fund, according to the Act, is to be funded from multiple streams and will engage in other productive activities.
It will also be funded through donations, gifts, grants, endowments, and revenue accruing to the fund from any other source, according to the Act.
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