Five South-East Institutions Receive N467m from Federal Student Loan Scheme

As of September 6, 2024, at least five tertiary institutions in the South-East have received funds from the Federal Government’s student loan scheme, according to data from the Nigeria Education Loan Fund (NELFUND).

This development addresses previous concerns that NELFUND was neglecting South-East institutions in its disbursement process.

NELFUND clarified that it was not deliberately excluding any institutions, but rather, no South-East institutions had completed the required verification process.

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“NELFUND does not consider geopolitical zones in its disbursement process,” the organization stated.

“We have sent verification lists to all eligible institutions, and payments are made to those that have responded. Unfortunately, we have not yet received responses from institutions in the South-East.

We urge these institutions to complete their verification so that their students can benefit from the scheme.”

Recent checks by our correspondent confirm that South-East institutions have started to receive funding from the loan scheme. According to NELFUND data, the following institutions have received funds:

• Alex Ekwueme Federal University Ndufu, Ebonyi State: N193,377,100
• Michael Okpara University: N71,016,220
• Abia State University: N12,469,500
• Federal Polytechnic, Nekede, Imo State: N368,400
• Ebonyi State University: N78,313,000
  

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NELFUND has also increased its outreach efforts, including a recent sensitization program in the South-East. This program involved visits to Chukwuemeka Odumegwu Ojukwu University in Anambra State and Federal Polytechnic, Nekede in Imo State.

EKO HOT BLOG reports that the student loan scheme is a flagship initiative of President Bola Tinubu’s administration in the education sector. Shortly after taking office, President Tinubu signed the Access to Higher Education Act, establishing a legal framework for providing loans to indigent or low-income Nigerians for tertiary education.

The Act, re-enacted earlier this year, established NELFUND, responsible for managing loan requests, grants, disbursements, and recoveries. The Fund is supported by multiple funding streams and will also engage in other productive activities.

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