Student loan: FG disburses N2.5bn institution fees to 12 schools

The Nigerian Education Loan Fund (NELFUND) has recently revealed that it has disbursed over 2.5 billion Naira to cover institutional fees for 12 schools across the country. This substantial financial assistance forms part of a larger scheme to alleviate the financial stress faced by students and increase their access to quality education.

Nasir Ayitogo, the spokesperson for NELFUND, shared this news in a statement on Friday in Abuja. He revealed that a total of 22,120 students have benefited from this funding, which aligns with President Bola Tinubu’s commitment to enhancing educational opportunities for Nigerians. The goal of this initiative is to provide crucial support to students who face financial difficulties, thereby enabling them to continue their education without the added stress of financial constraints.

According to Ayitogo, the distribution of funds was carefully planned to match each institution’s academic calendar, specifically targeting the start of the school sessions. This strategic approach ensures that the funds are available when they are most needed. As a result, six of the 12 institutions have already received the full payment of their fees, covering more than 20,000 students.
The total amount disbursed to these institutions is approximately N2,026,163,340. The remaining six institutions are scheduled to receive their payments within the next week.

Ayitogo emphasized that these payments will help students continue their academic activities without interruption. By providing this financial support, the initiative aims to create a more stable and supportive environment for students, allowing them to focus on their studies and academic success without being burdened by financial issues.
In addition to covering institutional fees, NELFUND has also started providing funds for students’ living expenses. For the month of July, the fund allocated N442 million to support students’ upkeep. This additional support will benefit all 22,120 students across the 12 institutions, with more payments expected in the coming weeks and months.

Ayitogo highlighted that this initiative reflects the federal government’s commitment to the overall well-being and academic success of Nigerian students. By addressing both tuition fees and living expenses, NELFUND aims to remove financial barriers that could hinder students’ educational progress. The fund’s efforts are designed to significantly alleviate financial pressures on students and their families, allowing them to concentrate on their education and future careers.

The allocation of funds for both institutional fees and living expenses underscores NELFUND’s dedication to ensuring that financial difficulties do not stand in the way of students’ academic pursuits. The initiative is part of a broader effort to support the educational system and provide students with the necessary resources to succeed.

Overall, NELFUND’s actions are expected to have a positive impact on students across Nigeria, promoting greater educational access and supporting their journey toward academic and professional achievements. The continued disbursement of funds is a testament to the federal government’s ongoing commitment to improving the education sector and fostering a more equitable and supportive environment for Nigerian students.