NELFUND Okays Disbursement of Student Loan

The board of the Nigerian Education Loan Fund (NELFUND) has okayed the disbursement of student loan to successful applicants.

This decision was taken on Wednesday June 26th, during its inaugural meeting.

NELFUND's spokesperson, Nasir Ayitogo, revealed this in a statement.

“By approving the immediate disbursement of the loans, NELFUND is taking a critical step in fulfilling its mission to support education and empower the next generation of leaders,” Nasir Ayitogo said.

A reliable source had reported that NELFUND is set to pay over ₦35,000,000,000 to seventy thousand student loan applicants approved for successful student loan applications from students of federal government-owned tertiary institutions in the first phase of the student loan scheme.

NELFUND would also pay ₦20,000 monthly stipend to successful applicants, this was confirmed from a reliable source.

The commencement of the second phase of the student loan application process, which would include students from state-owned institutions, has been postponed for 2 weeks.

The postponement was as a result of the failure of most state institutions to upload their students data on NELFUND Student Verification System (SVS).

NELFUND said only twenty of forty eight state universities, 2 of forty nine polytechnics and twelve of the fifty four colleges of education have uploaded their information.

“The application window, initially set to open on 25 June, will now commence on 10 July,” NELFUND spokesman, Nasir Ayitogo stated.

During Wednesday’s meeting which was anchored by the Founder of Zenith Bank Plc, Jim Ovia, the approval for the disbursement of student loan topped the agenda.

It is the first meeting of the board since Mr Jim Ovia’s appointment in April.

Mr Nasir Ayitogo said the inaugural meeting also set the stage for future initiatives aimed at enhancing educational opportunities and providing comprehensive support to students across various disciplines.

Nasir Ayitogo said members of NELFUND management led by the Managing Director, Dr. Akintunde Sawyerr, and representatives of member organisations were also part of the meeting.

“The meeting marked a significant milestone in the organisation’s commitment to empowering students through financial support,” Mr Nasir Ayitogo said.

“Under the leadership of the Board Chairman, Mr Jim Ovia, top in agenda was the approval for disbursement of student loan to successful applicants.

“This decision underscores President Bola Ahmed Tinubu’s dedication to providing timely and essential financial assistance to students in need, enabling them to pursue their educational goals without undue financial stress.”

Source: https://www.premiumtimesng.com/news/top-news/707283-nelfund-approves-students-loan-disbursement.html