The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of a total of N1.17 billion to 20,000 students across five public tertiary institutions that applied for the loan. This was disclosed by NELFUND’s Managing Director, Akintunde Sawyerr, at a news conference in Abuja on Wednesday.

Sawyerr mentioned that an additional institution would be included among the beneficiaries by the end of the day, with NELFUND committed to increasing the number of beneficiaries based on the volume of applications received. He noted that the fund is currently reviewing applications from another 100 institutions.

“I am delighted to share that, following President Bola Tinubu’s directive, NELFUND has disbursed institutional fees amounting to N1,172,388,340.00 for 20,000 students (100 per cent paid) across various institutions in the country. These institutions were carefully selected based on their academic calendar,” said Sawyerr.

“Disbursement to other institutions will be made at the beginning of their sessions to ensure a transparent and equitable distribution of resources,” he added.

Sawyerr also mentioned that an additional N850 million would soon be disbursed to various institutions in response to their loan applications. He revealed that a total of 260,000 students had been approved for the payment of upkeep loans and institutional charges.

He explained that the upkeep loan and institutional charges for each student amount to N250,000 per year, although students may apply for less than the approved amount if they choose. According to him, not all students who take the institutional loan also opt for the upkeep loan, which would be paid in tranches based on their needs.

When questioned about the availability of loans for postgraduate students, Sawyerr clarified that the fund’s mandate primarily focuses on undergraduate students who have the fewest opportunities for education.

“Our focus is on undergraduate students. It is a fund designed to assist those with the fewest opportunities to access education. While we recognise that some students may wish to pursue postgraduate studies, our current target is undergraduate students,” he said.