N850m loan released to students for school fees

The Nigerian Educational Loan Fund (NELFUND) has disbursed N850 million to tertiary institutions across the country for school fees, bringing the total amount disbursed to N2.55 billion.

NELFUND Managing Director, Akintunde Sawyer, said, “The sum of N850 million will be transferred from NELFUND’s account to institutions today. This is separate from the N1.7 billion that has previously been disbursed.”

This latest allocation is expected to benefit around 1.2 million students, aligning with President Bola Tinubu’s administration’s educational support goals.

The scheme is part of a broader effort to provide financial assistance to students and is a key component of the recently amended student loan bill signed by President Tinubu.

Sawyer added, “This initiative is aimed at supporting students in tertiary institutions to pay their school fees. We believe that this will go a long way in reducing the financial burden on students and their parents.”