The board of the Nigerian Education Loan Fund (NELFUND) has approved the disbursement of loans to successful applicants.
This decision was made on Wednesday during its inaugural meeting.
The agency’s spokesperson, Nasir Ayitogo, disclosed this in a statement. “By approving the immediate disbursement of the loans, NELFUND is taking a critical step in fulfilling its mission to support education and empower the next generation of leaders,” he said.
Techeconomy reported that the agency is set to pay over N35 billion to 70,000 applicants approved for loans in the first phase of the scheme for students of federal government-owned tertiary institutions.
The agency will also pay a N20,000 monthly stipend to successful students.
Meanwhile, the commencement of the second phase of the application process, which will accommodate students from state-owned institutions, has been postponed for 14 days.
The postponement was necessitated by the failure of most state institutions to upload their students’ data on the NELFUND Student Verification System (SVS).
NELFUND said only 20 of 48 state universities, two of 49 polytechnics, and 12 of the 54 colleges of education have uploaded their data.
“The application window, initially set to open on June 25, will now commence on July 10,” the NELFUND spokesperson said.
During Wednesday’s meeting, chaired by the Founder of Zenith Bank Plc, Jim Ovia, the approval for the disbursement of loans topped the agenda.
It was the first meeting of the board since Mr. Ovia’s appointment in April.
Mr. Ayitogo said the inaugural meeting also set the stage for future initiatives aimed at enhancing educational opportunities and providing comprehensive support to students across various disciplines.
He said members of the NELFUND management, led by Managing Director Akintunde Sawyerr, and representatives of member organizations were also part of the meeting.
“The meeting marked a significant milestone in the organization’s commitment to empowering students through financial support,” Mr. Ayitogo said.
“Under the leadership of the Board Chairman, Mr. Jim Ovia, the top agenda item was the approval for disbursement of student loans to successful applicants.
“This decision underscores President Bola Ahmed Tinubu’s dedication to providing timely and essential financial assistance to students in need, enabling them to pursue their educational goals without undue financial stress.”
