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N116 billion disbursed by NELFUND for institutional fees and monthly upkeep for tertiary students.
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624,000 students benefitted across 239 government-owned universities, polytechnics, and colleges.
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Tinubu administration initiative, aimed at removing financial barriers and promoting inclusive education.
The Nigerian Education Loan Fund (NELFUND) has disbursed N116 billion to support students across the country, covering institutional fees and monthly upkeep allowances, the agency confirmed on Saturday.
In an interview with newsmen in Abuja, NELFUND Managing Director, Mr Akintunde Sawyerr, described the disbursement as a milestone in the federal government’s effort to ensure affordable and inclusive tertiary education.
According to Sawyerr, N65 billion has been paid directly to 239 government-owned institutions, including universities, polytechnics, and colleges of education, on behalf of students whose loan applications were approved. An additional N51 billion has been distributed as monthly upkeep allowances directly to beneficiaries.
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He provided an update on the scheme, noting that the Fund received a total of 1,067,000 loan applications, out of which 624,000 students have so far benefitted.
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“We have paid fees and monthly upkeep for 624,000 students in 239 institutions. This totals N116 billion of government resources disbursed to support education,” Sawyerr said.
He emphasised that the programme, a flagship social investment initiative of the Tinubu administration, is designed to remove financial barriers, ensuring that no Nigerian is denied tertiary education due to lack of funds.
Sawyer reaffirmed NELFUND’s commitment to transparency and efficiency in the management of the loan scheme, adding that student engagement with the programme continues to grow on a daily basis.
