Ninety thousand students have received a total of N11 billion in loans from the Nigerian Education Loan Fund (NELFUND) during the previous six months.
During Tuesday’s oversight visit to NELFUND’s Abuja office, Senate Committee on Tertiary Institutions and TETFund, headed by Senator Muntari Dandutse, learned this from NELFUND Managing Director Dr. Akintunde Sawyer.
He announced that more than 90,000 students’ fees and stipends had been settled.
It has been determined that 300 students are eligible for the loans. We have to go through a thorough process to guarantee we are not distributing money to the wrong individuals,” the NELFUND boss stated, highlighting the difference between those who qualified and those who benefitted from the loan.
This amount, N96 billion, is the agreed-upon loan. The distributed amount is not it. Just under N11 billion has been distributed.
“That N96 billion will be distributed to students over the next several weeks.”
This comes just a few weeks after five universities in the South-East and elsewhere in Nigeria were authorized to receive student loans by NELFUND.