The Nigerian Education Loan Fund, NELFUND, says it has disbursed over N1.72 billion as loans to 20,000 students in five tertiary institutions.
He added that an additional N850 million would be disbursed before the close of work on Wednesday to another institution, bringing the total disbursed amount to tertiary institutions to N2.5 billion.
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The Fund also revealed that all students offered loans will be given the sum of N20,833 as monthly upkeep throughout the duration of their studies, explaining that the total amount each benefiting student would get is N250,000.
The Managing Director/Chief Executive Officer of NELFUND, Akintunde Sawyerr, said these at a news conference in Abuja, on Wednesday.
The agency, he added, has also approved 260,000 loans consisting of institutional fees and upkeep loans.
He said: “I am delighted to share that following Mr President’s directive, NELFUND has been able to disburse students’ institutional fees amounting to N1.72billion for 20,000 students (100% paid) in esteemed institutions across the country.
“These institutions were carefully selected based on their academic calendar. Disbursement to other institutions will be made at the beginning of their sessions to ensure a transparent and equitable distribution of resources.
“In addition to the tuition charges we are also cognizant of the need for upkeep support. The payment of upkeep stipends will be conducted in the coming week with the utmost transparency and security.
“We are collaborating with several key agencies and institutions to ensure this. The Nigerian Financial Intelligence Unit (NFIU), the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) will work alongside the various banks involved in this process.
“Furthermore We are excited to announce that we will be launching a series of new skills training programs in the coming weeks. These programs are designed to empower Nigerians with the knowledge and expertise needed to excel”
