The Nigerian Education Loan Fund (NELFUND) has approved the disbursement of federal government-backed student loans.
In a press release published on its X platform on Thursday, the directive came after the fund’s inaugural board meeting held in Abuja on Wednesday.
The statement, signed by Nasir Ayitogo, Head of Media and Public Relations, highlighted that the meeting marked a significant milestone in the organisation’s dedication to providing financial support for students.
It said, “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.
“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 inaugural meeting also laid the groundwork for future initiatives aimed at enhancing educational opportunities and providing comprehensive support to students across various disciplines.
Attendees included the fund’s management team, led by Managing Director/CEO Akintunde Sawyerr, and representatives from member organizations.
This development follows recent reports that NELFUND announced a 14-day postponement of the student loan application process for state institutions due to low data submissions.
On Tuesday, Ayitogo explained that the decision was prompted by the failure of several state-owned institutions to upload the necessary student data and fee information to the NELFUND Student Verification System (SVS).
To date, only a limited number of state-owned institutions have completed the data submission process. These include 20 out of 48 state universities, 12 out of 54 state colleges, and 2 out of 49 state polytechnics.
It said, “While we acknowledge the efforts of these institutions, the failure to submit data from the remaining state institutions poses significant challenges to ensuring a seamless and accurate verification process for student loan applicants.
The application window, initially set to open on June 25, 2024, will now commence on July 10, 2024, according to Ayitogo.
Tinubu had on April 3, 2024, signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.