The Nigerian government is set to disburse N35 billion to 70,000 successful applicants of the Nigerian Education Loan Fund, also known as NELFUND.
Sources have confirmed that NELFUND plans to provide N20,000 every month to each successful applicant for every year of their studentship. This initiative aims to support students in federal government-owned tertiary institutions.
A total of 120,000 applications were received by June 21, with 70,000 applicants successfully securing the loan. These students can check their application status on the agency’s portal.
NELFUND spokesman,Nasir Ayitogo has not affirmed this latest development but other sources within the agency verified the development. Ayitogo , however said that the agency is committed to supporting indigent Nigerian students, in line with President Bola Tinubu’s mandate.
Any successful applicants will have their tuition fees paid directly into their institutions’ bank accounts. These fees cover various charges including departmental levies, laboratory fees, and health insurance.
Additionally, each student will receive a monthly allowance of N20,000 for their upkeep, whether their schools are in session or not. This allowance will amount to N240,000 per year, and students must reapply annually as the loan is refundable, not a gift.
Currently,NELFUND is also evaluating 50,000 additional applications for possible approval. The agency receives an average of 150 new applications daily.
According to report, from June 25, the portal will open for applications from students in state-owned institutions. The full list of institutions that have submitted their students’ data for the Student Verification System (SVS) portal will be published on June 24.
The Nigerian Education Loan Fund was established by the Access to Higher Education Act, signed by President Bola Tinubu. Istáà manages all student loan requests, grants, disbursement, and recovery, funded by various streams including donations and endowments.”
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