- NELFUND Disburses N322.69bn to Students, Institutions
- Releases N129.8bn to Students for Upkeep
- NELFUND Processes 1.66m Applications
The Nigerian Education Loan Fund has disbursed N322.69 billion to Nigerian students and tertiary institutions since the launch of its student loan portal in May 2024.
Eko Hot Blog reports that the latest NELFUND Student Loan Disbursement Status Report, generated on Saturday, showed that 1,659,853 applications had been processed under the Federal Government’s student financing scheme.
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Of the total amount released, N192.89 billion was disbursed to 319 beneficiary institutions to cover institutional fees, while N129.80 billion was paid directly to students as upkeep allowances.
The latest figures represent a further increase in the reach of the student loan programme, introduced by the administration of President Bola Tinubu to reduce the financial burden of tertiary education on students and their families.
NELFUND said the payments covered eligible institutional charges, including tuition, as well as upkeep support for qualified students.
The Fund said the disbursements represented some of the milestones recorded since the student loan portal was launched on May 24, 2024.
According to NELFUND, the scheme is intended to expand access to higher education by helping students overcome financial barriers that could prevent them from pursuing tertiary education.
The Fund said it would continue processing applications and disbursing funds to eligible students and beneficiary institutions as the Federal Government works to expand access to student financing across the country.
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