The Nigerian Educational Loan Fund announced on Tuesday that it would be disbursing N850 million to institutions as fees today (Wednesday).
This is in addition to the over N1.7 billion already disbursed to approximately 20,000 students.
The Managing Director of the Fund, Akintunde Sawyer, shared this information during a press briefing in Abuja.
“The sum of N850M will be leaving the account of NELFUND Today to institutions. This is apart from the N1.7Bn naira that has already been disbursed.”
Earlier, Akintunde Sawyer revealed that the Nigerian Educational Loan Fund had already disbursed institutional fees to 20,000 students through their respective institutions.
He also mentioned that a total of 260,000 loans, covering both institutional fees and upkeep, have been approved.
The initiative is expected to benefit at least 1.2 million students, marking a significant aspect of President Bola Tinubu’s administration. The President approved N35 billion for the launch of the scheme following the signing of the supporting law on April 3.
