On Wednesday, 26 June during its inaugural meeting, the board of the Nigerian Education Loan Fund (NELFUND) approved the disbursement of loans to successful applicants.
In a statement disclosed by the agency’s spokesperson, Nasir Ayitogo “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”.
The agency is set to pay over N35 billion to 70,000 applicants approved for successful applications from students of federal government-owned tertiary institutions in the first phase of the scheme. And would also pay a N20,000 monthly stipend to successful students.
However, the second phase of the application process tipped to 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 NELFUND Student Verification System (SVS). Only 20 of 48 state universities, two of 49 polytechnics and 12 of the 54 colleges of education have uploaded their data according to NELFUND. Consequently, “The application window, initially set to open on 25 June, will now commence on 10 July,” says Ayitogo.
During Wednesday’s meeting chaired by the founder of Zenith Bank Plc, Jim Ovia, the first since his appointment in April, the approval for the disbursement of loans topped the agenda.
Ayitogo has said that inaugural meeting also sets the stage for future initiatives aimed at enhancing educational opportunities and providing comprehensive support to students across various disciplines.
He said members of NELFUND management led by the Managing Director, Akintunde Sawyerr, and representatives of member organisations were also part of the meeting.
“The meeting marked a significant milestone in the organisation’s commitment to empowering students through financial support. Under the leadership of the Board Chairman, Mr Jim Ovia, top in agenda was the approval for disbursement of student loan 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’, Ayitogo posited.
