The Nigerian Educational Loan Fund (NELFUND) has recently announced a significant financial initiative involving the disbursement of a substantial amount of funds. The organization has allocated N850 million specifically for tertiary institutions across Nigeria, aimed at addressing and supporting school fees for students enrolled in these institutions.
This recent allocation of N850 million is in addition to the considerable sum of over N1.7 billion that has already been distributed to approximately 20,000 students in previous disbursements. The goal of this financial aid is to alleviate the burden of educational expenses and to support students who are in need of financial assistance.
NELFUND’s Managing Director, Akintunde Sawyer, made this announcement during a press briefing held in Abuja. Sawyer confirmed that the N850 million will be transferred from NELFUND’s account directly to the respective tertiary institutions today. He emphasized that this new allocation is separate from the previous N1.7 billion that has been distributed.
The new initiative is expected to benefit around 1.2 million students, which aligns with the educational support goals of President Bola Tinubu’s administration. This move is part of a broader effort to provide financial assistance to students and forms a key component of the recently amended student loan bill that was signed into law by President Tinubu.
This scheme reflects the ongoing commitment of the government to enhance access to higher education by providing substantial financial aid, thus supporting the academic pursuits of a large number of students across the country.