BREAKING: NELFund Approves Immediate Disbursement of Student Loans

The Nigerian Education Loan Fund (NELFUND) has approved the disbursement of student loans to successful applicants.

NELFUND held its inaugural board meeting on Wednesday, marking a milestone in its mission to support students with financial aid. Under the leadership of Chairman Mr. Jim Ovia, the board approved the immediate disbursement of student loans.

A statement released late Wednesday on the agency’s X account announced the approval. The press release, titled “NELFUND Holds Inaugural Board Meeting as Student Loan Disbursement Tops Agenda,” was signed by Head of Media and Public Relations, Nasir Ayitogo.

The meeting, attended by the fund’s management and representatives of member organizations, also laid the groundwork for future initiatives to enhance educational opportunities and support students across various disciplines.

The approval of the loans by NELFUND signifies a step towards empowering the next generation of leaders through education. The statement read, “The Nigerian Education Loan Fund (NELFUND) on Wednesday, June 26, 2024, held the inaugural meeting of its board in Abuja. The meeting marked a significant milestone in the organization’s commitment to empowering students through financial support. Under the leadership of Board Chairman Mr. Jim Ovia, the approval for the disbursement of student loans to successful applicants topped the agenda.”

This phase aligns with the presidency’s vision of improving the quality of education and making it affordable for all. The statement highlighted President Bola Ahmed Tinubu’s dedication to providing timely and essential financial assistance to students, enabling them to pursue their educational goals without undue financial stress.

“By approving the immediate disbursement of the loans, NELFUND is taking a critical step in fulfilling its mission to support education and empower the next generation of leaders. Present at the meeting were the management of the fund, led by Managing Director/CEO Mr. Akintunde Sawyerr, and representatives of member organizations,” the statement concluded.

President Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law on April 3, 2024. Registration for the program began in May with 1.2 million students in federal tertiary institutions across the country participating in the first batch.