N2.5bn disbursed as student loan beneficiaries hit 22,120

Data released by the Nigerian Education Loan Fund on Friday revealed that an additional 2,120 students have benefited from the student loan scheme bringing the total number of beneficiaries to 22,120.

A statement by NELFUND’s spokesman, Nasir Ayitogo, in Abuja said the loans disbursed across many institutions totalled N2.5bn.

“In the light of the foregoing, NELFUND has so far further approved student loans amounting now to over N2, 530,235,750, being disbursed across many institutions, benefiting 22,120 students,” Ayitogo said.

Ayitogo noted that the move by the Fund aims to ensure that students who need the funds can continue their education by lowering the burden of financial constraints.

“So far, six of the twelve institutions have received full payment of their institutional fees, covering over 20,000 students. The total amount disbursed to these institutions stands at approximately N2, 026,163,340. A further six will receive their payments in the coming week.

“These disbursements will ensure that Nigerian students can proceed with their academic activities unimpeded, fostering peace of mind much needed for these students and their families.

“In addition to the institutional fees, NELFUND has also commenced the payment of upkeep to students.

“This initiative will provide essential financial support for living expenses. A total of N442,400,000 has been allocated for the month of July. The upkeep payments will benefit all 22,120 students across the twelve institutions, with more to come in the coming weeks and months, reflecting the federal government’s commitment to the overall well-being and academic success of Nigerian students in government institutions.”

The Fund in the statement further reiterated to the general public that disbursements are made based on each institution’s academic calendar (beginning of session).

NELFUND for the first time on Wednesday, July 31, 2024, reeled out data supporting disbursements of student loans, a move which its Managing Director, Akintunde Sawyerr said was to ensure accountability.