The Nigerian Educational Loan Fund (NELFUND) announced it would disburse ₦850 million to tertiary institution students today (Wednesday).
The Fund’s Managing Director, Akintunde Sawyer, shared this information during a press briefing in Abuja on Wednesday.
Akintunde also mentioned that this amount is in addition to the over ₦1.7 billion already disbursed to approximately 20,000 students.
“The sum of N850m will be leaving the account of NELFUND today to institutions. This is apart from the N1.7bn naira that has already been disbursed.”
Earlier, Sawyer disclosed that the Fund had disbursed institutional fees to 20,000 students via their respective institutions.
He further noted that a total of 260,000 loans, covering both institutional fees and upkeep, have been approved.
This crucial program of President Bola Tinubu’s administration is expected to benefit no fewer than 1.2 million students.
It is worth noting that President Bola Tinubu approved ₦35 billion for the scheme’s launch after signing the supporting law on April 3.
See Full Address By Sawyer Below:
ADDRESS BY MR AKINTUNDE SAWYERR, MANAGING DIRECTOR/CEO OF THE NIGERIAN EDUCATION LOAN FUND (NELFUND) ON WEDNESDAY, 31st JULY, 2024.
Protocols.
It is with immense pleasure and a deep sense of responsibility that I stand before you today to announce a significant milestone in our collective efforts to enhance the educational landscape of our great nation.
This occasion marks a testament to our shared commitment to ensuring that higher education is accessible to all deserving Nigerians, regardless of their financial background.
Firstly, I would like to acknowledge the presence of the Honourable Minister of State for Education, Dr Yusuf Sununu who is with us today on a one-day working visit.
Your presence, Honourable Minister, underscores the importance of this initiative and highlights the government’s unwavering support for the advancement of education in Nigeria. We are honored to have you here and grateful for your continuous advocacy and leadership in the educational sector.
I must also extend our Excellency, President Bola Ahmed Tinubu (GCFR). His visionary leadership and unwavering dedication to the advancement of education in Nigeria have driving forces behind this initiative.
Under his administration, we have seen a renewed focus on the empowerment of our youth through education, and today’s announcement is a direct result of his commitment to this cause.
Mr. President, your steadfast support and belief in the potential of Nigerian students have made this possible, and we are deeply grateful.
I am delighted to share that following Mr President’s directive, NELFUND has been able to disburse students’ institutional fees amounting to N1,172,388,340.00 for 20,000 students (100% paid) in esteemed institutions across the country.
These institutions were carefully selected based on their academic calendar. Disbursement to other institutions will be made at the beginning of their sessions to ensure a transparent and equitable distribution of resources.
Number of Beneficiaries
Within these institutions, a total of 11,083 students are the beneficiaries who applied for the loans and their tuition was paid 100 per cent.
This financial aid will enable them to focus on their studies without the added burden of financial worry. It is our belief that by investing in these students, we are investing in the future of Nigeria.
Upkeep/Stipend
In addition to the tuition charges, we are also cognizant of the need for upkeep support. The payment of upkeep stipends will be conducted in the coming week with the utmost transparency and security.
We are collaborating with several key agencies and institutions to ensure this. The Nigerian Financial Intelligence Unit (NFIU), the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) will work alongside the various banks involved in this process.
Furthermore, We are excited to announce that we will be launching a series of new skills training programs in the coming weeks. These programs are designed to empower Nigerians with the knowledge and expertise needed to excel.
Ensuring Accountability
Our collective aim is to minimise any potential leakages and to prosecute any wrongdoing swiftly and effectively.
All parties in the value chain are committed to upholding the highest standards of integrity and accountability. By doing so, we aim to build and maintain the trust of all stakeholders involved in this initiative.
Acknowledgment of Partners
We cannot overlook the critical roles played by our various partners too numerous to mention in this initiative. Their collaboration has been instrumental in setting up a robust and transparent system for the disbursement and management of funds.
Additionally, the support from the institutions themselves has been invaluable in ensuring that the process is smooth and that the students receive their funds promptly.
Today’s announcement is a testament to President Tinubu’s unwavering dedication to the education sector and the future of our youth.
I extend my heartfelt gratitude to all our partners, institutions, and stakeholders for their invaluable support in making this vision a reality.