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The board of the Nigerian Education Loan Fund (NELFUND) has okayed the disbursement of loans to successful applicants.
This decision was taken 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.
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PREMIUM TIMES had reported that 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.
The agency would also pay N20,000 monthly stipend to successful students, sources confirmed to this newspaper.
Meanwhile, the commencement of the second phase of the application process, which would 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).
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 25 June, will now commence on 10 July,” NELFUND spokesman said.
Board meeting
During Wednesday’s meeting which was chaired by the Founder of Zenith Bank Plc, Jim Ovie, the approval for the disbursement of loans topped the agenda.
It is 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 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,” Mr Ayitogo 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.”
Qosim Suleiman is a reporter at Premium Times in partnership with Report for the World, which matches local newsrooms with talented emerging journalists to report on under-covered issues around the globe
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