- NELFUND is preparing to begin payments to students from approximately 55 additional tertiary institutions
The Nigerian Education Loan Fund (NELFUND) announced on Monday the successful disbursement of N20,000 monthly stipends for July to 20,371 students across six tertiary institutions.
A statement from NELFUND, released in Abuja and signed by Director of Finance Ibom Uche, listed the benefiting institutions: Bayero University Kano, Federal University Dutsin-Ma, University of Ilorin, University of Benin, University of Ibadan, and University of Maiduguri.
Uche stated that NELFUND is preparing to begin payments to students from approximately 55 additional tertiary institutions, with the process expected to conclude within the next two weeks. “The fund is committed to ensuring that all eligible students receive their stipends promptly,” Uche added.
The statement also highlighted President Bola Tinubu’s recent commitment of an additional N50 billion to the student loan initiative, sourced from recovered proceeds of crime. This funding is part of Tinubu’s flagship project in the education sector, aiming to facilitate access to higher education for low-income Nigerians.
Barely a month after his inauguration, President Tinubu signed the Access to Higher Education Act, establishing a legal framework for granting loans to indigent students to cover their fees in Nigerian tertiary institutions. The law, re-enacted earlier this year, led to the creation of NELFUND, which handles all loan requests, grants, disbursements, and recoveries. The Fund is supported by multiple funding streams and engages in various productive activities to fulfill its mandate.
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