The Nigerian Education Loan Fund (NELFUND) has disbursed N2.5 billion to various institutions across the country, benefiting 22,120 students.
The fund’s spokesperson, Nasir Ayitogo, made this disclosure in a statement on Friday.
According to Ayitogo, the disbursement is part of the federal government’s commitment to enhancing educational opportunities for Nigerians.
He stated that the student loan will alleviate the burden of financial constraints on students in genuine need of financial assistance.
Six institutions have received full payment of their institutional fees, covering over 20,000 students, with a total amount disbursed standing at approximately N2.02 billion.
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The remaining six institutions will receive their payments in the coming week.
In addition to the institutional fees, NELFUND has also commenced the payment of upkeep to students, providing essential financial support for living expenses.
A total of N442 million has been allocated for the month of July.
The revised Student Loan Act 2024 was established to remove financial barriers and make education more accessible to all Nigerian students, regardless of their economic background.
READ ALSO: NELFUND Lists 36 State Tertiary Institutions That Can Apply For Students’ Loan (Full List)
The primary sources of funding for NELFUND include a percentage of taxes, levies, and duties collected by the Federal Inland Revenue Service (FIRS), Nigerian Immigration Service, and Nigerian Customs Service.
The loans cover tuition, fees, and maintenance costs, with the repayment process starting two years after the beneficiary completes the NYSC program.
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