Student Loan: NELFUND disburses N1.17 billion to Nigerian students, pledges accountability

The management of the Nigerian Education Loan Fund (NELFUND) said it has disbursed the sum of N1.17 billion to 20,000 students in various institutions across the country.

The Managing Director of the agency, Akintunde Sawyerr, disclosed this during a press conference in Abuja on Wednesday.

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

He added that within the selected institutions, a total of 11,083 students are the beneficiaries who applied for the loans and their tuition was paid 100 per cent.

He said, “This financial aid will enable them to focus on their studies without the added burden of financial worry. It is our belief that by investing in these students, we are investing in the future of Nigeria.”

Mr Sawyerr added that in addition to the tuition fees, the agency will provide upkeep stipends to the beneficiaries, with the payment process “set to commence in the coming week.”

Transparency, accountability

The managing director said that to ensure transparency and accountability, the agency is working with various organisations including the Nigerian Financial Intelligence Unit (NFIU), State Security Services (SSS), Economic and Financial Crimes Commission (EFCC), and Independent Corrupt Practices and Other Related Offences Commission (ICPC).

He emphasised that the collaboration with these organisations aims to “minimise any potential leakage and to prosecute any wrongdoing swiftly and effectively.”

“All parties in the value chain are committed to upholding the highest standards of integrity and accountability. By doing so, we aim to build and maintain the trust of all stakeholders involved in this initiative,” he added.

New skills

Meanwhile, NELFUND has also announced plans to launch new skills-training programmes which the managing director noted are aimed at empowering young Nigerians with the required skills to excel.

He said: “We will be launching a series of new skills training programmes in the coming weeks. These programmes are designed to empower Nigerians with the knowledge and expertise needed to excel.”