FG's N2.5bn Student Loan Boosts 22,120 Beneficiaries

22,120 students benefit from N2.5bn govt loan...

NELFUND disburses N2.5bn in student loans to 22,120 beneficiaries, promoting education accessibility and affordability in Nigeria.

The Nigerian Education Loan Fund (NELFUND) has announced that an additional 2,220 students have benefited from the Federal Government's student loan scheme, bringing the total number of beneficiaries to 22,120.

According to NELFUND's spokesman, Nasir Ayitogo, the total amount of loans disbursed to students in higher institutions across the country stands at N2.5 billion.

“In the light of the foregoing, NELFUND has so far further approved student loans amounting now to over N2, 530,235,750, being disbursed across many institutions, benefiting 22,120 students,” Ayitogo said.

According to Ayitogo, the loan scheme is designed to provide financial support to students in need, enabling them to pursue their education without financial burdens or interruptions.

“So far, six of the twelve institutions have received full payment of their institutional fees, covering over 20,000 students. The total amount disbursed to these institutions stands at approximately N2, 026,163,340.

“A further six will receive their payments in the coming week,” the spokesperson explained

“These disbursements will ensure that Nigerian students can proceed with their academic activities unimpeded, fostering peace of mind much needed for these students and their families.

“In addition to the institutional fees, NELFUND has also commenced the payment of upkeep to students.

“This initiative will provide essential financial support for living expenses. A total of N442,400,000 has been allocated for the month of July.

“The upkeep payments will benefit all 22,120 students across the twelve institutions, with more to come in the coming weeks and months, reflecting the federal government's commitment to the overall well-being and academic success of Nigerian students in government institutions.”

In a bid to promote transparency and accountability, NELFUND's Managing Director, Akintunde Sawyerr, disclosed that the organization has released student loan disbursement data for the first time on Wednesday.