Students to Receive NELFUND Loans Next Week
Students starting new academic sessions next week will begin receiving credit alerts from the Nigerian Education Loan Fund (NELFUND). Managed by Akintunde Sawyerr, this scheme supports university, polytechnic, and college of education students. About 110,000 students have completed their applications and are eligible for loans. Institutions receive payments for tuition, while students get monthly stipends.
The Nigerian Education Loan Fund (NELFUND) is set to start issuing credit alerts to students of tertiary institutions who are beginning a new academic session next week. This announcement brings hope and relief to many students who have successfully applied for the Federal Government’s loan scheme.
| Information | Details |
|---|---|
| 🎓 Scheme | NELFUND |
| 🏫 Beneficiaries | New session students |
| 💰 Amount | ₦35 billion |
| đź“… Alerts Start | Next week |
| đź“‹ Applicants | 110,000 completed |
| 🏦 Payments | Institutions, stipends |
| đź“ś Requirements | JAMB, BVN, NIN, etc. |
First Batch of Payments
The Managing Director of NELFUND, Akintunde Sawyerr, shared this update on Channels Television’s Politics Today. He confirmed that students starting a fresh session will receive their funds first. Other successful applicants will start receiving their credit alerts when their academic sessions commence.
Recent Launch and Application Update
This update follows the recent launch of the Nigerian Education Loan Fund by President Bola Tinubu at the State House in Abuja. Sawyerr highlighted that 170,000 applicants from universities, polytechnics, and colleges of education now have accounts with NELFUND. Out of these, 110,000 applicants have completed the process.
Types of Beneficiaries
NELFUND identifies two types of beneficiaries:
- Institutions: Payments will be made to institutions on behalf of the students who have successfully applied.
- Students: Successful applicants will receive a monthly stipend to support their educational needs.
Importance of the Loan Fund
Sawyerr emphasized that this program aims to improve Nigeria’s leadership and socio-economic situation by providing financial support to students. He stated that about 110,000 students are expected to begin receiving disbursements from next week, pending further verification to ensure they qualify for the loans.
Application Requirements
Applicants must meet several criteria, including having:
- Joint Admissions and Matriculation Board (JAMB) numbers
- Matriculation numbers
- Bank Verification Numbers (BVN)
- National Identification Numbers (NIN)
Fund Availability
NELFUND has around N35 billion ready for disbursement, with more funding on the way. The fund is supported by 1% of Federal Inland Revenue Service taxes and other sources.
For more details and updates, visit the NELFUND official portal.
This initiative represents a significant investment in the future of Nigerian students, ensuring they have the financial support needed to pursue their educational dreams.