The Nigerian Educational Loan Fund (NELFUND) will pay out the N850 million amount to institutions today, Wednesday, July 31, 2024. In addition to the N1.7 billion already disbursed, approximately 20,000 students will receive another disbursement.
The Managing Director of NELFUND, Akintunde Sayo, who was quoted as saying that the money allotted will be N35 billion, referred to the fact that the government has awarded 260,000 loans with no interest or mediation cost, expected to benefit nearly 1.2 million students. This initiative is one of the key programmes of President Bola Tinubu’s administration, which allocated N35 billion to the scheme after signing the law on April 3.
During a press briefing in Abuja, he stated, “The sum of N850 million will be disbursed to institutions today in addition to the N1.7 billion already disbursed to 20,000 students.” This course will help students to get the qualifications they desire and the government to release more funding for higher education.
NELFUND, which has been instrumental in promoting the Nigerian private sector transformation, has been quite effective in providing loans to students.
