NELFUND DISBURSES ₦86 BILLION LOANS TO STUDENTS.

The Nigerian Education Loan Fund (NELFUND) has disbursed a remarkable ₦86 billion to support students through its loan scheme. So far, 449,000 students have benefited from this initiative out of 735,000 applications received. NELFUND Managing Director Akintunde Sawyerr shared insights about the program during an interview.

NELFUND has allocated ₦47 billion to two hundred and eighteen federally and state-owned tertiary institutions, including universities, polytechnics, and colleges of education. Additionally, the fund has disbursed ₦38 billion as stipends to students, bringing the total amount disbursed to ₦86 billion. This financial assistance aims to ease the burden of tuition and living expenses for students across Nigeria.

Akintunde Sawyerr explained the loan processing timeline and confirms it takes between 30 and 45 days if applicants meet all necessary criteria.

It is only after receiving confirmation from the institution does NELFUND proceed with payment. This internal verification process may take an additional two to three weeks.

With the ongoing support from NELFUND, thousands of students can pursue their educational goals without the heavy burden of financial constraints. The initiative continues to grow, providing vital assistance to those in need.