As of February 3, 2023, the Nigerian Education Loan Fund (NELFUND) has allocated a substantial amount of N20,074,050,000 to cover institutional fees for students enrolled in various tertiary institutions throughout the nation. This initiative has directly impacted approximately 192,906 students, as reported in a recent statement by Akintunde Sawyerr, the Managing Director of NELFUND.
In a briefing to the press in Abuja on Monday, Sawyerr revealed that the Fund has received loan applications from a total of 364,042 prospective student borrowers. He further highlighted that 169,114 students have also benefitted from monthly stipends issued by NELFUND, amounting to N12,818,960,000, with each recipient receiving N20,000.
Sawyerr expressed gratitude for the “unwavering support of President Bola Tinubu in making higher education accessible to all deserving Nigerian students.”
He reaffirmed NELFUND’s dedication to transparency and efficiency in overseeing the student loan scheme, assuring stakeholders that regular updates will be provided as disbursements continue.
