20,371 students from six varsities receive monthly stipend

The Nigerian Education Loan Fund on Monday announced the successful disbursement of N20,000 monthly stipends for July to 20,371 students from six tertiary institutions.

A statement released by the Fund in Abuja listed the institutions as follows; Bayero University Kano; Federal University, Dutsin-Ma; University of Ilorin; University of Benin; University of Ibadan and the University of Maiduguri.

The statement which was signed by the Director of finance of NELFUND, Ibom Uche, said the Fund is working towards the commencement of the payment process for students from approximately, “55 additional tertiary institutions.

“It is anticipated that this will be concluded within the next two weeks as the fund is committed to ensuring that all eligible students receive their stipends promptly.”

The statement further noted that the President Bola Tinubu on Sunday, further committed the sum of N50bn to the student loan cause.

“It is noteworthy that the President only Sunday committed a further 50 billion Naira from recovered proceeds of crime.”

The implementation of the student loan scheme is President Bola Tinubu’s flagship project in the education sector.

Barely a month after his inauguration as president, Tinubu signed the Access to Higher Education Act, which creates a legal framework for granting loans to indigent or low-income Nigerians to facilitate the payment of their fees in Nigerian tertiary institutions.

The law, reenacted earlier this year, created the Nigerian Education Loan Fund.

NELFUND is saddled with the responsibility of handling all loan requests, grants, disbursement, and recovery.

The Fund, according to the Act, is to be funded from multiple streams and will engage in other productive activities.