NELFUND Student Loan Disbursement commences.
Abuja, Nigeria – The Nigerian Education Loan Fund (NELFUND) has announced that students in tertiary institutions who have successfully applied for the Federal Government’s loan scheme will start receiving credit alerts by next week, according to Mr. Akintunde Sawyerr, Managing Director of NELFUND.
Speaking on Channels TV Wednesday, Sawyerr clarified, “The people who are going to first receive alerts as early as next week are the people who are about to start a new session in the institution they are in.” Other successful applicants will receive their credit alerts upon the commencement of academic sessions in their respective institutions.
How to apply for NELFUND student loan: Portal nelf.gov.ng
This announcement follows the formal launch of NELFUND by President Bola Tinubu at the State House in Abuja. Sawyerr disclosed that while 170,000 applicants from universities, polytechnics, and colleges of education now have accounts with NELFUND, 110,000 applicants have successfully completed the loan application process.
“There are two types of beneficiaries,” Sawyerr explained. “The first being the institutions that would get paid on behalf of those who have successfully applied to go to those institutions, and the second are the students themselves who would receive monthly stipends.”
The launch of the disbursement process was marked by a formal ceremony at the State House on Wednesday. Sawyerr highlighted the program’s objective of enhancing Nigeria’s future leadership and improving the socio-economic situation in the country.
He emphasized the rigorous verification process, stating, “About 110,000 students have successfully applied. They’ve put in their applications and verified as being bona fide and eligible applicants. But we’ll still carry out further verification to make sure they are well-qualified to receive these loans. Over 110,000 are likely to begin to receive disbursement from next week.”
Applicants must have Joint Admissions and Matriculation Board (JAMB) registration numbers, matriculation numbers, Bank Verification Numbers (BVN), and National Identification Numbers (NIN) to qualify for the loans.
Sawyerr stated that the expected disbursement to students currently stands at N35bn. “We’ve got much more than that sitting in our accounts that we can disburse, and we’ve also got some funding on the way. Remember, we are getting 1% of Federal Inland Revenue Service taxes, and we also can receive funding from other sources,” he added.
This development, in effect, is a major step towards giving financial support to Nigerian students, making sure they are not handicapped in their academic work.
NELFUND disbursement date.
NELFUND disbursement will officially kick off on Monday, July 22, 2024.
NELFUND News Today, July 18, 2024: NELFUND disbursement date
