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The Nigerian Education Loan Fund said it had disbursed a total of N1.17bn to 20,000 students in five of the public tertiary institutions that applied for the loan.
The Managing Director of NELFUND, Akintunde Sawyerr, made this disclosure in Abuja.
He hinted that the fund is working to review another 100 institutions whose applications have been received
According to him, “I am delighted to share that following President Bola Tinubu’s directive, NELFUND has been able to disburse students’ institutional fees amounting to N1,172,388,340.00 for 20,000 students (100 per cent paid) in the institutions across the country.
“These institutions were carefully selected based on their academic calendar.
“We have approved 260,000 loans, which is both institutional fees and upkeep. It is not everyone who applied for institutional loan who requested for upkeep loan. We are collaborating with a number of agencies and institutions to ensure that this scheme works fine.
“Disbursement to other institutions will be made at the beginning of their sessions to ensure a transparent and equitable distribution of resources,’’ he said.
“The sum of N850,000,000 will be paid out today. We are also currently reviewing the applications of over 100 institutions," he added.
Sawyerr said the loan, "Focus is on the undergraduate students. It is a fund that enables those who have the fewest opportunities to get an education."
