President Tinubu Launches Nigerian Education Loan Fund, Disbursement to Begin Next Week

President Bola Tinubu recently inaugurated the Nigerian Education Loan Fund (NELFUND) at the State House in Abuja, setting the stage for the commencement of disbursements to university, polytechnic, and college students across Nigeria. Akintunde Sawyerr, the Managing Director of NELFUND, disclosed on Channels TV that students who have successfully applied for the Federal Government’s loan scheme and are starting new academic sessions would begin to receive credit alerts as early as next week. He indicated that verification processes were ongoing to ensure the eligibility of over 110,000 applicants.

Sawyerr highlighted that NELFUND aimed to enhance the educational landscape in Nigeria and bolster the nation’s socio-economic development. He pointed out the stringent requirements for applicants, including possessing JAMB registration numbers, matriculation numbers, Bank Verification Numbers (BVN), National Identification Numbers (NIN), among others. He emphasized that the loans were primarily for students commencing or already attending tertiary institutions and would include a monthly stipend component.

Over 110,000 students have successfully applied for the loans, with potential disbursements set to begin next week. Sawyerr indicated that the program’s current student expenditure amounted to about N35 billion, with additional funding in reserve for disbursement. The fund is sourced from various channels, including receiving 1% of the Federal Inland Revenue Service taxes and funds from other potential sources. A formal launch ceremony for the disbursement process took place at the State House, further solidifying the rollout of the initiative.