The Nigerian Educational Loan Fund (NELFUND) announced on Tuesday that it would disburse ₦850 million to institutions today, Wednesday, as part of its ongoing effort to support students’ education. This is in addition to the over ₦1.7 billion already disbursed to approximately 20,000 students.
During a press briefing in Abuja, Akintunde Sawyer, the Managing Director of NELFUND, confirmed the planned disbursement. “The sum of ₦850 million will be leaving NELFUND’s account today to various institutions. This is apart from the ₦1.7 billion that has already been disbursed,” he stated.
Sawyer also highlighted that the Fund has successfully disbursed institutional fees to 20,000 students through their respective institutions. Furthermore, a total of 260,000 loans, covering both institutional fees and upkeep, have been approved. The program is expected to benefit over 1.2 million students, marking it as a significant initiative under President Bola Tinubu’s administration.
The President had earlier approved ₦35 billion to kick-start the scheme following the signing of the enabling law on April 3.
