The Nigerian Educational Loan Fund (NELFUND) announced on Tuesday that it will disburse N850 million to educational institutions today, separate from the over N1.7 billion already distributed to approximately 20,000 students.
Akintunde Sawyer, Managing Director of NELFUND, revealed the information during a press briefing in Abuja. “The sum of N850 million will be transferred to institutions today, in addition to the N1.7 billion that has already been disbursed,” Sawyer said.
Earlier, Sawyer reported that the Fund has distributed institutional fees to 20,000 students. He also mentioned that a total of 260,000 loans, covering both institutional fees and upkeep, have been approved.
The program, which is a key initiative of President Bola Tinubu’s administration, is expected to benefit around 1.2 million students. The President had approved N35 billion for the scheme’s launch after signing the supporting law on April 3.
