The Nigerian Education Loan Fund (NELFund) has successfully distributed over N2.5 billion through its student loan program, significantly alleviating the financial strain on students nationwide.
On Friday, Nasir Ayitogo, NELFund’s Media Head, announced that the fund has allocated N2,530,235,750 to students. This amount covers both institutional fees and monthly stipends for 22,120 students across six institutions with active academic sessions.
Ayitogo also mentioned that six additional institutions will receive payments in the upcoming week. He noted that N442,400,000 had been specifically earmarked for upkeep allowances for applicants in July alone.
“NELFund is committed to easing the financial burdens faced by students and their families, allowing them to concentrate on their education and future careers,” Ayitogo stated.
The student loan policy, introduced by Tinubu in June 2023, was designed to offer interest-free loans to students. Although the scheme was initially slated to start in October 2023, its implementation was delayed until April 2024. The loan application portal was launched on May 24, initially for federal tertiary institutions, and later expanded to include state-owned institutions in the second phase.
By mid-July, over 110,000 applications had been submitted, and more than 160,000 students had registered on the NELFund portal, reflecting a strong demand for financial assistance.
